The deal was announced Friday.
According to a report on FoxSports.com, if Arrington does not make the Eagles' 53-man roster, the Broncos would instead send a conditional 2012 draft pick to Philadelphia.
Originally a second-round pick of Arizona in 2005, Arrington spent four seasons with the Arizona Cardinals from 2005-08, compiling 1,347 career yards from scrimmage (654 rushing, 693 receiving) while also averaging 23.6 yards on 114 kickoff returns, including two returned for touchdowns.
Arrington, who played at California, signed with the Broncos in 2009, but missed the season after undergoing microfracture knee surgery.
Information from The Associated Press contributed to this report.