Via press release from the Bears this morning:
Collins has completed 381 of 674 passing attempts (56.6 percent) for 4,479 yards, 22 touchdowns and 19 interceptions to compile a 76.0 passer rating in 47 games (20 starts) with the Buffalo Bills, Kansas City Chiefs and Washington Redskins. Collins was originally drafted in the second round (45th overall) of the 1995 NFL Draft by the Buffalo Bills out of the University of Michigan.
The Bears will announce a corresponding roster move later today.
More details later from SB Nation Chicago.