To make room for Metcalf, wide receiver/kick returner J.J. Moses was placed on waivers Tuesday, Sherman announced.
Metcalf brings an impressive resume to his new job. He holds the NFL all-time record for most career punt return touchdowns with 10 and is a three time Pro Bowl selection (1993-94 and 1997).
The 34-year-old Metcalf had been out of football this season after serving as the Washington Redskins' punt returner in 2001, when he averaged 7.0 yards for 34 runbacks.
Metcalf, 5-10 and 195 pounds, has amassed more than 9,000 return yards over his 12-year playing career -- 5,772 yards via 272 kickoff returns, a 20.8-yard average, and 3,454 yards on 348 punt returns, a 9.9 average, with 10 touchdowns.
The Texas alum, originally a first-round draft selection of the Cleveland Browns in 1989, also has accumulated 5,572 yards, on 541 pass receptions, a 10.3-yard average, and 2,385 yards on 628 rushing attempts, a 3.8-yard average.
Overall, the versatile Seattle native -- the son of former St. Louis Cardinals running back Terry Metcalf -- has amassed a total of 17,183 all-purpose yards.
Green Bay is the seventh stop of Metcalf's career; the others are Atlanta (1995-96), San Diego (1997), Arizona (1998), Carolina (1999) and Washington (2001), in addition to Cleveland (1989-94). He was out of football in 2000.
Metcalf has been assigned jersey number 22.