This just came down the wire from Chris Mortensen of ESPN:
After being drafted 4th overall out of Texas, Benson had a tumultuous start to his career in Chicago. However, he had a decent run in Cincinnati, putting up at least 1,000 yards rushing in each of the past three seasons. It is expected that he will likely sign for somewhere around the veteran minimum salary.
Benson immediately brings a veteran presence to the Packers' stable of running backs, none of whom have more than two years of experience. James Starks, Alex Green and company now have a running back with legitimate starting experience to push them to improve during training camp. After injuries and poor performance early this preseason, Ted Thompson appears to have decided that the existing corps wasn't cutting it.
It's worth mentioning that even though Ryan Grant knows the Packers' offense and is still a free agent, the team does not seem to be interested in bringing him back to Green Bay. We'll have more on this imminent signing as more information becomes available.