Lloyd didn't play last season.
Lloyd, 33, caught 74 passes for 911 yards and four touchdowns in 2012 with the New England Patriots.
Lloyd was approached by teams last season, but declined opportunities.
He has caught 385 career passes for 5,695 yards and 35 touchdowns.
Lloyd was reportedy not a great fit in the Patriots' locker room.
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Aaron Wilson covers the Ravens for The Baltimore Sun