Ray, who ranks No. 92 on Around The NFL's top 101 free agents list, was marred with injuries during his four seasons in Denver.
The Broncos declined to pick up the edge rusher's fifth-year option, and he hit the free-agent market this offseason.
Ray was a healthy scratch for the Broncos' final three games of the 2018 season. Despite an unproductive year that resulted in one sack and 10 tackles, Ray believes he can still start in the NFL.
"I will be a starter the next place that I go," Ray said in December, via the Denver Post. "That's the kind of player that I am and that's the type of player that I've been. Wherever I go next, they'll want me and it will be time for me to do what I could have been doing. And I'll be healthy. That will be a difference, too."
Perhaps Indy is the scenery change that can get Ray back on track.