Naanee spent the 2011 season with the Panthers after spending four years with San Diego.
With an increased role in Carolina, Naanee caught a career-high 44 passes before missing the season finale with a broken bone in his foot.
Naanee, a former quarterback at Boise State, has good size and good athletic ability and also can help out on special teams.
He joins a Dolphins wide receiver group that includes Brian Hartline, Davone Bess, Clyde Gates, Roberto Wallace, Marlon Moore, Julius Pruitt and Chris Hogan.
The Dolphins have added another free agent, this time wide receiver Legedu Naanee, formerly of the San Diego Chargers and Carolina Panthers. Naanee's agent, David Canter, revealed the signing Tuesday morning on Twitter.