The 25-year-old played in just eight games for Mike Smith's side last season after being drafted 164th overall by the Falcons in the 2012 draft.
Massaquoi told the club's official website: "I'm in a place where I feel as though every day I need to continue to get out here and continue to get better. At
"I'm in a place that makes me want to come out here everyday and be better with my teammates. I'm in a happy place.
"The good vibe around the organization and us as teammates, going into the preseason, I feel good. I feel well conditioned. I feel like I'm ready to execute."
Atlanta begin their pre-season campaign against the Cincinnati Bengals next week.