The 33-year-old Schulters joined the squad on Monday, making New Orleans the latest stop in a career that has included stints with San Francisco, Tennessee, Atlanta and Miami.
He was selected for the Pro Bowl in 1999 while playing for San Francisco. Although Schulters has not been a starter during his past two seasons, coach Sean Payton said the veteran's experience could be valuable.
"He's a guy we feel like understands the position well," Payton said. "He's got good ball skills so we're bringing him in not just for a camp body. I'm anxious to see him play and see what he's got and to see if there's a fit for us."
Payton said Schulters could play either free safety or strong safety.
"He gives us some experience and some versatility," Payton said. "That's really the first thing we saw and he's in pretty good shape."
Schulters was one of several players the Saints invited to their suburban New Orleans training headquarters for workouts, including defensive tackle Anthony McFarland, a former LSU standout who has won Super Bowls with the Indianapolis Colts and the Tampa Bay Buccaneers.
However, Schulters was the only player signed and Payton said no other acquisitions were imminent.
To make room for Schulters on the 80-man training camp roster, the Saints waived long snapper Ryan Senser.