The 25-year-old spent four seasons with the Denver Broncos, amassing 14 sacks, 94 tackles and two forced fumbles. He had a career-high eight sacks in 2016.
However, injuries have derailed his past two seasons. A torn wrist ligament forced Ray off the field for eight games in 2017, and wrist and ankle injuries hindered him in 2018. He's had to undergo three different surgical procedures on his left wrist over the past two years.
Ray accumulated just two sacks over the past two years and lost playing time to 2018 first-round pick Bradley Chubb. The Broncos, who drafted Ray 23rd overall in 2015, previously declined his fifth-year option.
Ray's Denver tenure was disappointing, but his talent is undeniable. The former Missouri Tiger was the SEC Defensive Player of the Year and a Unanimous All-American in 2014.
The Ravens have taken steps to upgrade their pass-rushing group with two under-the-radar deals this week, as ESPN's Adam Schefter reported Thursday they agreed to bring back Pernell McPhee on a one-year deal.
If Ray stays healthy and returns to the form he exhibited in 2016, the Ravens will be getting a steal after letting Za'Darius Smith and Terrell Suggs leave in free agency.