Hill suffered a season-ending Achilles tear in practice recently, which led to the Ravens signing Le’Veon Bell to their practice squad.
Hill, 23, was drafted by the Ravens in the fourth round out of Oklahoma State in 2019. He’s entering the third year of a four-year, $3.261 million deal that included a signing bonus of $741,656.
The Ravens waived Hill with an injury designation on Wednesday.
In 2020, Hill appeared in 12 games and rushed 12 times for 60 yards, adding five receptions for 20 yards.