Team President Dick Cass says in a statement Friday that ''it's time to turn the page'' with the three-time Pro Bowl running back, who was released after video of him knocking out wife Janay - then his fiancee - in an elevator was released publicly in September.
Terms of the settlement were not disclosed. Rice had been seeking slightly more than $3.5 million for wrongful termination.
Cass says the team will continue its work within the community on the issue of intimate partner abuse.
Rice became a free agent after former federal judge Barbara S. Jones overturned NFL Commissioner Roger Goodell's indefinite suspension and reinstated him. Rice hasn't drawn interest from any teams.
''We wish Janay and Ray Rice the best,'' Cass said.