Per NFL Network's Ian Rapoport, the Ravens will save nearly $12 million against the cap with this move.
Jefferson would have been entering the final season of a four-year, $34 million contract he signed with the Ravens in March 2017. The 28-year-old was set to count $11.7 million against the 2020 cap, but Over the Cap noted the team will only be on the hook for $4.7 million in dead cap as a pre-June 1 cut.
Baltimore had a logjam at safety with Chuck Clark emerging as a starter in 2019. He took over for Jefferson, whose season came to an end in Week 5 when he suffered a torn ACL against the Pittsburgh Steelers.
The Ravens announced Monday they signed Clark to a three-year extension. He will remain a staple of the secondary, alongside Earl Thomas at the other safety spot.
Per Spotrac, the Ravens currently project to have $33.6 million in cap space this offseason.
Jefferson had started all 35 games he played for the Ravens since 2017. The Oklahoma alum recorded 13 tackles for loss and 3.5 sacks in his first two seasons with the team.