Terms of Tuesday's deal weren't disclosed.
Tyree is expected to contribute to special teams in Baltimore and could see time at wide receiver behind Derrick Mason, Mark Clayton and Kelley Washington.
NFL Network's Jason La Canfora reported that Tyree had been scheduled to work out for the Tampa Bay Buccaneers, who signed former Raven Yamon Figurs and looked at ex-Jacksonville Jaguar Matt Jones, among others.
Tyree made one of the most memorable catches in Super Bowl history in 2008 against the New England Patriots, pulling down a 32-yard pass on a third-and-5 by trapping the ball against his helmet. The reception kept alive a drive that resulted in the Giants' game-winning touchdown.
Tyree missed last season with a hamstring injury, and he missed two preseason games this summer because of a series of injuries.
After adding Tyree to the active roster Tuesday, the Ravens placed tight end Tony Curtis on waivers.
The Associated Press contributed to this report.