Jefferson, who spent three seasons with the club, was scheduled to count for $11.66 million against the salary cap in 2020. Baltimore will be stuck with $4.66 million in dead money due to the move.
The 28-year-old Jefferson made five appearances for the Ravens in 2019 before a torn ACL ended his campaign. He started 30 games over the previous two seasons for Baltimore, racking up 153 tackles, 3.5 sacks, two interceptions, and two forced fumbles.
His exit comes as no surprise given his high cap number, especially since the Ravens inked his replacement, Chuck Clark, to a three-year extension at the beginning of the week.
Jefferson spent the first four seasons of his career with the Arizona Cardinals before joining Baltimore in free agency.