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The contract has not yet been signed, according to the team.
Betts had come in for a workout even before Lynell Hamilton, the Saints third running back, was lost for the season with a fluke knee injury during a non-contact drill at New England last week. At that time, however, the team did not offer him a contract.
Early reports fixed the contract terms at somewhere in the neighborhood of $750,000, but the Saints provided no confirmation of that figure and did not provide any other terms.
The 5-feet-10, 222, back out of Iowa was a second round pick by the Washington Redskins in 2002. He had his best season with the Redskins in 2006 when he rushed for 1,154 yards on 245 carries.

New Orleans Saints agree to terms with running back Ladell Betts | NOLA.com