According to Adam Caplan of ESPN, the contract is a one-year, $1.75 million deal with $750K guaranteed.
The 32-year-old should provide some competition for second-year kicker Roberto Aguayo.
The Buccaneers selected Aguayo in the second round of the 2016 NFL draft—a move that resulted in high expectations. The former Florida State star struggled as a rookie, finishing 22-of-31 on field goals and 32-of-34 on extra points.
He converted just four of his 11 field-goal tries of 40 or more yards.
Folk, on the other hand, has just one season with a lower success rate than Aguayo's 71 percent. The veteran has made 81.3 percent of his field goals, including 87.1 percent last season. He was also 5-of-7 from 40 yards and beyond.
This move could be a dagger to Aguayo's confidence, or it may drive him to a turnaround. Either way, the Buccaneers will have options at kicker as they try to compete for the NFC South title.