NFL Network's Ian Rapoport, citing a source, reported it is a one-year deal worth $1.75 million.
The seven-year veteran spent the past three seasons with the Arizona Cardinals and recorded five interceptions.
According to Pro Football Talk's Darin Gantt, waiting until after Thursday's deadline ensured that the acquisition wouldn't "factor into the equation" for Baltimore's future compensatory draft selections.
Powers adds some depth with starting experience to the Ravens secondary, which already boasted a top-10 pass defense with cornerbacks Lardarius Webb and Jimmy Smith. Smith recently had surgery to remove screws in his foot from a previous procedure, per Jeff Zrebiec of the Baltimore Sun.
Though Zrebiec noted Smith should be ready for the start of training camp, having another veteran option could be invaluable if the injury bug remains persistent.
Powers started 10-plus games in six of his first seven years and recorded at least one interception in every season.
That kind of experience gives Baltimore an established corner who could step up if needed. The Ravens already have options such as Kyle Arrington, Will Davis, Julian Wilson and Sheldon Price along with new draftees Tavon Young and Maurice Canady, so Powers will have plenty of competition for playing time leading up to the 2016 season.
Stats courtesy of Pro-Football-Reference.com.