Perriman hurt his right knee on the first day of training camp and never fully recovered. The injury was diagnosed as a sprained PCL.
Ravens general manager Ozzie Newsome made the move Tuesday after talking with Perriman and the team's medical staff.
Perriman was selected with the 26th overall pick out of Central Florida. He was supposed to provide Baltimore with outside speed after the team did not re-sign free agent wide receiver Torrey Smith.
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