The deal will pay Gabbert $885,000, according to Kent Somers of the Arizona Republic.
The Cardinals had hoped to add a young quarterback to their club through the NFL draft, but ended up passing on making such an addition.
Palmer will turn 38 in his 15th NFL season, Stanton is 33 and entering the final year of his contract, and Gabbert will hit 28 years of age in October.
Gabbert, a veteran of six seasons, started the 2016 campaign under center for the San Francisco 49ers, but lost his job after five unimpressive outings. He was an unrestricted free agent after the year, and the Niners opted not to bring him back into the fold.
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