Austin signed with San Francisco in the offseason but suffered a knee injury during training camp. The team released him in late October.
A former 2013 first-round pick of the then St. Louis Rams, Austin spent the last two seasons with the Dallas Cowboys. He played in 21 games, catching 21 passes for 317 yards and three touchdowns. He also carried 12 times for 102 yards and a score.
Austin might also be able to help on special teams as a returner, a spot where he was electric early in his career, taking back three punts for touchdowns in his first three seasons.
The signing gives the Packers some insurance if the do-everything Tyler Ervin misses more time. The running back/wide receiver/kick returner has been forced to miss four games this season, including the win over Chicago.