Smith will be an unrestricted free agent in March, when the new league year begins.
“If I had my way, obviously I’d like to get something done beforehand so I can stay here,” Smith said, according to the team’s website. “But I understand this is a business and nothing is guaranteed. I’ll let everything play out.”
Smith, 25, was the team’s second-round pick in 2011 and made $837,168 in base salary this season.
He was Baltimore's second leading receiver this season, catching 49 passes for 767 yards and a career-high 11 touchdowns, a season after setting career-highs in receptions (65) and yards (1,128).
Smith had three catches for 62 yards in the Ravens' 35-31 AFC Divisional Playoff loss to the New England Patriots.
“I’ve been saying all year I didn’t play the way I wanted to play this year,” Smith said. “Was it the worst? No. Was it what I wanted? No. I feel like I’ve done some pretty good things since I’ve been here, and there’s still so much more left to do."
- Scooby Axson