The veteran and Baltimore are finalizing a two-year, $27-million extension that contains $20 million in guarantees, sources told NFL Network's Ian Rapoport.
Additionally, the Ravens will take on Campbell's entire $15-million salary for 2020, which would've been the final year of his previous contract, a source told Pro Football Talk's Mike Florio.
The Jaguars appear to be going through a major rebuild. A.J. Bouye was traded to the Denver Broncos earlier in March and fellow cornerback Jalen Ramsey was shipped to the Los Angeles Rams prior to last season's trade deadline.
Moreover, Ngakoue has said he wants to leave the Jaguars, but the pass-rusher was recently hit with the franchise tag to stop him from becoming a free agent.
By adding Campbell, Baltimore's pass rush will get a major boost as the team looks to capitalize on the meteoric rise of reigning MVP quarterback Lamar Jackson. With Jackson on a rookie deal for three more seasons, the Ravens are seemingly in win-now mode.
Campbell will turn 34 just before the start of the 2020 season, but the seven-time Pro Bowler remains one of the game's best defensive linemen. The 2019 Walter Payton Man of the Year racked up 6.5 sacks in 2019 after producing 25 over the previous two seasons.
Baltimore ranked 22nd in sacks last season, which was arguably the biggest weakness for a team that secured the No. 1 seed in the AFC. The Ravens then used their franchise tag to retain Matt Judon, the team's leading pass-rusher in 2019.
Trades won't be finalized until the start of the new league year on Wednesday, though the NFL is considering pushing that date due to the coronavirus pandemic.