The native of Kelowna, B.C., signed a $555,000, one-year contract with Miami and joined the team Tuesday.
"It's the most exciting time in my life again," he said after practice. "I've had a grin on my face since this morning. It's been great."
Watkins, a guard, spent two seasons with the Eagles and started 18 games before losing his job early last year. He was a surprise choice with the 23rd overall selection at age 26 when the Eagles made him the oldest first-round pick at that time since 1980.
Watkins will provide depth behind starting guards Richie Incognito and John Jerry. Miami waived second-year centre Josh Samuda.