Ivory, the team's leading rusher with 716 yards, was injured in Sunday's season finale. He is an underafted player from Tiffin University.
To replace Ivory, the Saints signed DeShawn Wynn on Tuesday.
Wynn returns to the Saints after first signing with the team as a free agent in August. He played on special teams in four games this season before being waived in October. Wynn also played for San Francisco this year before being cut last month.