After a breakout 2009 season where he racked up 1,312 yards receiving with eight touchdown catches, the 24-year-old Rice had hip surgery last August and missed the Minnesota Vikings' first nine games in 2010.
The 6-foot-4, 202-pound wideout finished the year with 17 receptions for 280 yards and two touchdowns.
He was selected to his first Pro Bowl in 2009 but missed the game when he was injured in the NFC championship game against New Orleans.
He signed a four-year contract after being drafted in the second round by the Vikings in 2007.
Who will be throwing to Rice remains uncertain.
Seattle also agreed to a deal with right guard Robert Gallery on Wednesday, helping to shore up its offensive line.
Information from The Associated Press was used in this report.