Indianapolis placed Geathers on PUP on Sept. 2 after he needed additional recovery time from neck surgery in March.
Geathers has played in 24 career games, with 11 starts, since the Colts made him a fourth-round pick in 2015.
The Colts elevated Perry from the practice squad to the active roster Oct. 27. He saw action in two games.
Perry played 15 games with the Chargers after they made him a fourth-round pick in 2016, and he made 17 tackles, a tackle for loss, a forced fumble and nine special teams tackles.
The team also announced it released outside linebacker Vontarrius Dora from the practice squad.