Feely was scheduled to become an unrestricted free agent Tuesday.
Feely, 37, connected on 30 of 36 field goals last season.
He's entering his 14th season in the NFL and has played for the Cardinals for the past four seasons.
“Happy to announce I am signed back with the Cardinals,” Feely wrote on his official Twitter account. “I never wanted to play with different teammates or for another organization.”
Follow me on Twitter: @RavensInsider
Aaron Wilson covers the Ravens for The Baltimore Sun