The new deal reached Thursday is for one year and $601,000.
Montoya, 28, played in seven games for the Jets last season. He made five starts and went 3-1 with a 2.91 goals-against average and .899 save percentage.
The Chicago native was selected with the No. 6 overall pick by the New York Rangers in the 2004 draft.
Earlier this week, the Jets signed defenseman Grant Clitsome to a three-year extension, keeping him off the free agent market.