Shipley was waived by the Bengals earlier in August, as the team became disgruntled with how slowly Shipley's knee was progressing from an ACL injury suffered last September.
Shipley has spent two years in the NFL, both with the Bengals. In 2010, Shipley hauled in 52 receptions for 600 yards and three touchdowns. His 2011 season ended in his second game, when he tore his ACL.
The Buccaneers have already added Vincent Jackson to their receiver corps this offseason, and Shipley, if healthy, could be a productive slot receiver for the Bucs.
Shipley, who was drafted No. 84 overall just two years ago in the 2010 NFL Draft, will turn 27 later this year.