Floyd, a seven-year veteran who has spent his entire career with the Chargers, reached an agreement on a two-year contract on Friday.
Although terms of the deal have not been reported, Floyd has been reportedly asking for around $5 million a year.
With that being said, Floyd could be back in a Chargers uniform for this evening's practice and quite possibly make an appearance at FanFest 2011 tomorrow from 10 a.m. to noon at Qualcomm Stadium.
Floyd was the Chargers' number one receiver while veteran wide receiver Vincent Jackson was holding out due to a contract dispute.
He caught 37 passes for 717 yards and had been consistent all season, despite the fact that he missed five games due to injury.
In 2010, Floyd had one of the best games of his career against the Oakland Raiders, when he caught eight passes for 213 yards.
There had been much speculation surrounding Floyd over the past few days about which team he would possibly end up signing with.
The Chargers were among six potential teams (with the Baltimore Ravens, Arizona Cardinals, San Francisco 49ers, Carolina Panthers and Raiders being the others) vying for Floyd's services. However, things became complicated when veteran wide receiver Jerricho Cotchery was released from the New York Jets on Thursday.
Cotchery, who played college football at North Carolina State with Rivers (and is a close personal friend of the Bolts gunslinger) had expressed interest in signing with the Chargers, possibly to fill the role of a No. 3 receiver.
With Floyd returning to the Chargers, San Diego will maintain an elite corps of receivers, consisting of Vincent Jackson (one half of the V-Twins), Patrick Crayton, Seyi Ajirotutu and rookie Vincent Brown (the second half of the V-Twins).