To clear roster space for Auguayo, the Bears placed veteran wide receiver Rueben Randle on injured reserve.
Aguayo was waived by the Buccaneers on Saturday after his rocky start to the preseason. Aguayo missed an extra point in the second quarter of a 23-12 loss to the Cincinnati Bengals on Friday night. He was then brought out late in the fourth quarter for a 47-yard field goal attempt, which went wide right. He made one field goal, a 20-yard kick on the Bucs' opening possession.
Aguayo's release came just one year after the Bucs traded into the second round of the 2016 draft to select him, which made him the highest-drafted kicker since Mike Nugent in 2005.
Aguayo is expected to compete with Bears kicker Connor Barth -- who, incidentally, was released by Tampa Bay in May 2016 after the team drafted Aguayo.
Barth went 18-of-23 on field goal attempts and 31-for-31 on extra points for the Bears in 2016.
If Aguayo is able to win the Bears' kicking job he'll quickly have a chance to face his former team. The Bears are scheduled to visit the Buccaneers in Week 2.