The report states that it's a two-year contract for Henne, who finished the 2013 season as Jacksonville's starter.
Henne opened the season backing up Blaine Gabbert, who was a former first-round pick by the organization. The two quarterbacks are expected to compete for the starting job this offseason, though a third quarterback be brought on to compete too.
The Jaguars hold the third overall pick in the first round and may want to take a quarterback.
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Aaron Wilson covers the Ravens for The Baltimore Sun.