Perez, 36, has not pitched in the majors this season after spending last year with the Washington Nationals. He appeared in 16 games for the Yankees' Triple-A affiliate at Scranton/Wilkes-Barre before being released by New York on Friday.
Perez will be the 15th reliever used already this season by the Indians, who enter Saturday with a major league-worst 6.01 bullpen ERA.
The Indians will be the eighth team that Perez has pitched for in his 16-year career in the majors. He appeared in 50 games with the Nationals last season, recording a 4.64 ERA and 39 strikeouts in 33 innings.