Durant and Reed are expected to play the outside linebacker spots in Quinn's 4-3 defense.
Hankerson hurt his left knee late in the 2013 season and due to the extended recovery played in only one game in 2014.
The Falcons needed depth behind starting receivers Julio Jones and Roddy White after releasing Harry Douglas,
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Hankerson was Washington's No. 2 receiver when he hurt his knee in 2013. It marked the second time in three years his season was ended by an injury. He tore the labrum in his right hip and played in only four games as a rookie in 2011.
"I called around to some guys I played with who played for him," Durant said. "They said nothing but great things so once I saw he was out here it was definitely a place that I was considering."
Hankerson (6-2, 211) has 81 career catches for 1,
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"I know this is a big emphasis for this team under coach Quinn," Reed said. "I do have a lot of experience and I know my stats haven't shown for it in the past but I'm working hard every day to get better."
Reed, who had only 14 1/2 sacks in four seasons with Houston, said he hoped to help improve the pass rush.
Hankerson issued a statement on his Twitter feed in which he thanked the Redskins and team owner Dan Snyder.
The Falcons are pursuing free-agent defensive ends Derrick Morgan and Adrian Clayborn.
Reed and Durant said they became more interested in the Falcons after Quinn, the former Seattle defensive coordinator,
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Clayborn played only one game with Tampa Bay last season due to a torn bicep. When healthy, he had a combined 13 sacks in 2011 and 2013.
Morgan was a first-round pick from Georgia Tech in 2010. He led the Titans with 6 1/2 sacks in 2014,
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Hankerson's signing comes one day after the team signed free-agent linebackers Brooks Reed and Justin Durant and offensive lineman Mike Person.
ATLANTA (AP)
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