This moves give the Ravens the right of first refusal in the event he receives another offer from a prospective NFL team.
Baltimore would pay Hill a salary of $1.542 million for the 2015 season if the signs the restricted tender.
Last year, Hill appeared in 10 games and recorded 41 tackles, one interception, a defensive touchdown and four pass defenses. Pro Football Focus has him rated as the No. 14 safety out of 87 qualifying players.