The team announced the move in a letter to season ticket holders on Tuesday,
Williams was named the CFL's most outstanding rookie in 2011 when he had 1,064 receiving yards and six touchdowns with the Hamilton Tiger-Cats. He added 252 yards and a touchdown on kick returns.
He had his best season in 2012, tying a CFL record by returning five punts for touchdowns.
He finished the season with 16 touchdowns, 1,298 receiving yards and 1,117 punt return yards, and was named an all-star and the CFL's most outstanding special teams player.
Williams left the Ticats after the 2012 season and signed with the NFL's New Orleans Saints.
He signed with Chicago in 2013 and was released by the Bears on Dec. 3, 2014.
Note to readers: This is a corrected story. A previous version had the incorrect date for Williams' rookie season.