The Ravens also waived WR Quincy Adeboyejo with a non-football injury designation.
Ray, 25, is a former first-round pick of the Broncos back in 2015. He was in the final year of his four-year, $9.116 million contract and made a base salary of $1,678,485 in 2018.
Denver placed him on injured reserve coming out of last year’s preseason with a wrist injury and was designated as their player to return. However, Ray landed on the injured reserve a second time in December after re-injuring his wrist.
The Broncos declined his fifth-year option last offseason, making Ray an unrestricted free agent in 2019 and he later signed a one-year contract with the Ravens.
In 2018, Ray appeared in 11 games for the Broncos and recorded 10 tackles, a sack and one forced fumble.