Set to be released on Friday, per NFL Network Insider Ian Rapoport, the 31-year-old veteran was made expendable after Baltimore signed free-agent safety Tony Jefferson.
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Webb's departure will save the team $5.5 million in salary-cap room and clear the way for the 25-year-old Jefferson to start alongside the ageless Eric Weddle.
A 2009 third-round pick by the Ravens, Webb shifted to safety full-time in 2016, finishing the year as the league's 15th-best player at his position, per Pro Football Focus.
Webb played his best football down the stretch, but Baltimore can look for additional depth in what amounts to a fascinating draft for secondary prospects.
His best years have passed, but Webb is bound to get a look with another team. As for the Ravens, their quest to grow younger and deeper on defense rages on.