The deal is for three years, a source told ESPN's Courtney Cronin. The Vikings did not announced the terms of the contract.
Bailey, who turned 32 in January, completed his second season with Minnesota in 2019. He made 27 of his 29 field goal attempts (93.1%) and was 40-for-44 (90.9%) on point-after attempts.
The Vikings signed him in September of the 2018 season to replace struggling kicker Daniel Carlson, who was a fifth-round draft pick that year. Carlson was released after he missed three field goal attempts, including two in overtime, in a tie against the Green Bay Packers.
In two seasons in Minnesota, Bailey made 84.2% of his field goal attempts (48 of 57) and 93.3% of his PATS (70 of 75).
Bailey spent the first seven seasons of his career with the Dallas Cowboys and was a Pro Bowl selection in 2015. He has converted 234 of his 268 field goal attempts (87.3%) and is 346 of 353 (98%) on PATs.