Terms of the contract were not disclosed, but league sources told ESPN NFL Insider Adam Schefter that Tebow signed a two-year contract that includes no guaranteed money.
"Tim is a talented player, is smart and works hard. We'll see how it goes," Patriots coach Bill Belichick said Tuesday.
Tebow is wearing Jersey No. 5 at the team's mandatory minicamp, according to the roster distributed to the media by the Patriots. He has worn No. 15 in his first three NFL seasons but that number belongs to backup quarterback Ryan Mallett.
Tebow was signed to be a quarterback on the Patriots' roster, sources told ESPN NFL Insider Ed Werder.
When asked what position Tebow will play, Belichick said, "we will see."