The Saints matched Atlanta's offer for safety Rafael Bush, enacting their right of first refusal to keep the defensive back in New Orleans.
Bush confirmed the move on Twitter.
The New Orleans Advocate's Ramon Vargas tweeted the deal is for two years and worth $4.5 million.
By sticking around, Bush will likely once again be paired at safety with Kenny Vaccaro. New Orleans signed Jairus Byrd in the first week of free agency and now has a young, athletic group at safety for defensive coordinator Rob Ryan to work into rotation.
Bush was tendered by the Saints at the lowest level right of first refusal. Had they not matched Atlanta's offer, the Falcons wouldn't have owed New Orleans any compensation.
He was 10th on the team in 2013 with 37 combined tackles and had five pass defenses. He became a key player when Roman Harper went down with a knee injury.