The Ravens also promoted CB Terrell Bonds and CB Khalil Dorsey to their active roster.
Young suffered a season-ending torn ACL in his left knee last week, so this move was expected.
Young, 26, is a former fourth-round pick of the Ravens back in 2016. He was entering the final of his four-year, $2.945 million contract when the Ravens signed him to a three-year, $25.8 million extension last year.
In 2020, Young appeared in two games for the Ravens and recorded two tackles and no interceptions.