Harvey, who is just 20 years old, was drafted in the 2013 first-year player draft with the 22nd overall pick. He amassed a 7-5 record and a 3.18 ERA over 17 starts last season with the Class A Delmarva Shorebirds.
Harvey was shut down for the second half of the 2014 season due to elbow inflammation that was eventually diagnosed as a strained right flexor mass.
The North Carolina high school product is generally considered to be the organization's second-best pitching prospect behind Dylan Bundy, and is rated the 42nd best prospect in baseball by MLB.com.
Baltimore opens the regular season against the Tampa Bay Rays on Apr. 6.