Derby was cut by the Denver Broncos on Tuesday.
Derby had a productive run in Denver, leading Broncos tight ends in receptions before he was released. Derby was acquired by Denver in a trade with the New England Patriots for a 5th-round draft pick.
Miami is likely going to give Derby, 26, some playing time at the cost at free agent bust Julius Thomas.
Thomas has been underwhelming in Miami, seemingly on a harsh decline, and is unlikely going to be on the roster in 2018 while Derby is under contract through 2018 with a economical $705K cap number for next year.