Per NFL Network's Ian Rapoport, the Ravens shopped Perriman on the trade market but ultimately waived him.
The move comes months after the Ravens declined to exercise the fifth-year option in Perriman's contract, ensuring he will be an unrestricted free agent in the spring of 2019.
A product of Central Florida, Perriman was selected 26th overall in the 2015 draft. However, he missed the entirety of his rookie season because of chronic knee issues, including a PCL strain.
Perriman rebounded and appeared in all 16 games the following year, which was remarkable considering he suffered a partially torn ACL in the months leading up to the regular season. However, he wasn't able to break out despite the clean bill of health and managed 33 receptions for 499 yards and three touchdowns.
The same story held true in 2017. Perriman was limited to 11 appearances because of injuries and a demotion, and he ultimately finished the year with 10 receptions for 77 yards.
Given those numbers, the Ravens' decision to decline his option and the arrivals of Michael Crabtree, John Brown and Willie Snead in free agency, it's hardly surprising to see Perriman headed for the open market.
Now in search of a new gig, the 24-year-old will have to hope a receiver-needy team takes a flier on him and that he's able to stay healthy if he's afforded a fresh start.