Dennard, 27, has never quite lived up to expectations after he was selected 24th overall by the Bengals in the 2014 draft. He was part of a deep position group early in his career, and that, combined with injuries, limited him to only four starts in the first three seasons of his career.
Dennard emerged as a solid nickel cornerback during the past two seasons and was the primary slot corner in 2018, appearing in 13 games and missing three games midseason due to a shoulder injury.
He has three interceptions, 17 passes defensed, three forced fumbles, three sacks and 227 tackles in 68 games.
The Bengals offered Dennard a deal last year at an amount they considered fair for a slot cornerback, but Dennard elected to test the market instead, hoping to find a spot as an outside cornerback.
The Bengals were content to let Dennard test the market and re-engage in talks if nothing panned out. A market as an outside cornerback did not appear to surface for Dennard even though the Chiefs reportedly showed interest.
The Bengals signed cornerback B.W. Webb in the interim as insurance if Dennard didn't return, but Dennard will likely take back his spot as the third cornerback with William Jackson III and Dre Kirkpatrick remaining on the outside.
ESPN's Katherine Terrell contributed to this report.