Rey was a restricted free agent assigned the low tender of $1.4 million.
Rey was drawing interest from other NFL teams who were contemplating signing him to an offer sheet.
A special teams captain, Rey delivered a strong perfomance last season when starting linebacker Rey Maualuga was injured.
Rey started three games, recording a career-high 54 tackles, four sacks and two interceptions in 16 games last season.
Rey led the defense with 13 tackles, three quarterback sacks, three tackles for loss, three passes defensed, and an interception last season in an overtime loss to the Baltimore Ravens. Two of his sacks were on third downs to stop drive.
A former undrafted free agent from Duke, Rey has 88 career tackles and five sacks in four NFL seasons.
Follow me on Twitter: @RavensInsider
Aaron Wilson covers the Ravens for The Baltimore Sun