Elam previously worked out for the Colts and took part in an XFL showcase last month.
Elam, 27, was taken with the No. 32 overall pick in the 2013 draft. He finished the final year of his four-year, $6.767 million rookie contract that included $5.439 guaranteed.
Elam’s 2015 season ended after he suffered a torn biceps. However, Elam wound up being suspended one game without pay for violating the NFL substance abuse policy.
The Ravens declined to pick up Elam’s fifth-year option that would have cost them over $5.6 million in 2017.
For his career, Elam has appeared in 41 games and recorded 124 tackles, a half sack, an interception, a forced fumble, two recoveries and seven pass defenses.