Baskett returns to Philadelphia after spending most of the 2009 season with the Indianapolis Colts. He was released by the Eagles on Sept. 15 after playing one game for Philadelphia.
Baskett, 27, caught five passes last season for 34 yards in 15 games last season (including three in the playoffs). He spent most of the season playing on special teams.
Baskett had 71 catches for 1,046 yards and six touchdowns in 47 games with the Eagles. Three of his TD catches were longer than 85 yards.
"I'm glad we had a chance to get Hank back in Philadelphia," Eagles coach Andy Reid said in a statement. "Not only has he proven himself to be a productive receiver, but he also does a solid job on special teams. He's a team player and his main focus has and always will be on helping his team win games. On top of all that, he's a quality person."
The five-year veteran is married to Kendra Wilkinson, the former Playboy model and girlfriend of Hugh Hefner who has her own reality TV show, "Kendra," which on Sunday returns for its second season on the E! network.
Information from The Associated Press is included in this report.