Smith will play his 10th campaign in Baltimore on a one-year deal worth up to $6 million.
The 31-year-old has been limited to 12 or fewer games in each of the last four seasons due to injuries and suspensions. However, the 2011 first-rounder has remained effective when on the field.
In 2019, Smith allowed only 56% of passes thrown his way to be completed and opposing quarterbacks posted a passer rating of 67.8 when targeting him, according to Pro Football Reference.
Smith also didn't allow a single touchdown in coverage through nine games last season.
Overall, the veteran has appeared in 107 contests (83 starts) with Baltimore, posting 70 passes defended and 14 interceptions. He was part of the Ravens team that won Super Bowl XLVII.