The deal was announced Thursday. Free agents can formerly sign on Friday, when the Falcons are scheduled to hold their first practice of training camp.
Peterson started 13 games for the NFC South champions last season, making 79 tackles, two interceptions, two fumble recoveries and one forced fumble.
The signing comes after another linebacker, Stephen Nicholas, agreed to stay with the team for a five-year deal worth $17.5 million.
The Falcons have a number of key players who are unrestricted free agents, including starting offensive linemen Tyson Clabo, Harvey Dahl and Justin Blalock; kicker Matt Bryant; punter Michael Koenen; and cornerback Brian Williams.
http://accesswdun.com/article/2011/7/240680