Holmes worked out for the Bears earlier this week.
Holmes, 30, caught 23 passes for 456 yards and one touchdown last season in 11 games for the Jets. He played in just four games in 2012 before suffering a Lisfranc injury.
His best season in the NFL came with the Pittsburgh Steelers in 2009 when he posted a career-high 79 receptions for 1,248 yards. Holmes was also named MVP of Super Bowl XLIII.
ESPNChicago.com's Jeff Dickerson contributed to this report.