The team announced the deal Thursday. Terms were not disclosed.
Snelling had 44 carries for 151 yards and 26 catches for 179 yards and one touchdown in 2011, when his versatility proved valuable. After opening the season as the backup to running back Michael Turner, Snelling also was used at fullback following Ovie Mughelli's season-ending right knee injury in October.
Snelling has 1,192 yards rushing with seven touchdowns in five seasons with the Falcons.
The former Virginia standout spent his first four seasons with Baltimore.