The Toronto Argonauts signed the veteran wide receiver on Tuesday and expect to have him at practice on Thursday.
Rambo, 33, was released by the Calgary Stampeders at the end of training camp after being hammered by an Achilles tendon injury.
Rambo, who won a Grey Cup with Calgary in 2008, is eighth on the Stamps' all-time list for receptions (406) and receiving yards (5,995).
The six-foot-one, 207-pound Ohio State product is also 10th on Calgary's all-time touchdown receptions list with 39.
"We've closely monitored Ken-Yon's progress and we've been impressed by his commitment to healing his injury," Argos general manager Jim Barker said in a release. "We're now very interested to see him perform on the football field."
Rambo was a seventh round draft pick of the Oakland Raiders in 2001 before going on to play two seasons for the Dallas Cowboys, where he dressed in 29 regular season games.
The Argonauts take on the Edmonton Eskimos on Monday at Rogers Centre.