Bennett, who was released from the Packers Wednesday due to a "failure to report a medical condition", won a Super Bowl last season with the Patriots.
The Packers cut Bennett Wednesday after he failed to properly disclose an injury.
Bennett thrived in New England last season, catching 55 passes for 701 yards and a career-high seven touchdowns.
A Martellus Bennett return to New England appears to be happening. The economics are favorable to the club: It's really a bargain price for 2017, as Bennett will receive a prorated portion of his base salary, which totals $423,529, as well as be eligible for $300,000 in roster bonuses.
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A 2014 Pro Bowl choice, Bennett has 427 catches for 4,520 yards and 30 touchdowns in 142 career games. He made news during Green Bay's bye week when he announced he was planning to retire at the end of the 2017 season.
And now that Gronkowski is healthy, it's hard to envision a reoccurrence of the 77.6 percent snap rate Bennett enjoyed last season, even if the Patriots roll out more two-tight end sets upon his arrival.
"After conversations with my family I'm pretty sure these next eight games will be the conclusion of my National Football League career", he wrote. Bennett caught two passes for 17 yards from Rodgers's replacement, Brett Hundley, then revealed his thoughts about possible retirement during the team's Week 8 bye. These next games are for you.
In that sense, there's limited risk for the Patriots, assuming Bennett is healthy and motivated.