Gipson, 30, started all 16 games at safety alongside two-time Pro Bowler Eddie Jackson for the Bears last season.
Gipson finished the year with 66 tackles, two interceptions and one fumble recovery.
Gipson's return aids a Bears' secondary that lost former Pro Bowl cornerback Kyle Fuller when he was released in the offseason due to salary-cap constraints.
Before joining Chicago in 2020, Gipson appeared in 112 games with 104 starts in eight NFL seasons, spending time with the Cleveland Browns, Jacksonville Jaguars and Houston Texans. Gipson was a Pro Bowl selection in 2014 for the Browns when he had a career-best six interceptions.