NFL Network Insider Ian Rapoport reports Griffin's deal has a base salary of $1 million and the quarterback will also receive a small bonus upon signing.
"He came in last week, worked out. Had a real good workout and we were able to come to an agreement late yesterday. He will probably be here early next week to sign the deal," general manager Ozzie Newsome said.
Griffin, 28, sat out the entire 2017 season after being cut by the Cleveland Browns last March. Griffin's last start came Jan. 1, 2017 (Week 17 of 2016 season) in a Browns loss to Steelers. The QB completed 72.5 percent of his passes for 232 yards, two touchdowns and one interception, his best game of that season.
"He's a very talented quarterback who's had a lot of success in this league early on," Ravens coach John Harbaugh said. "So we're excited about it. We felt like we needed a No. 2 quarterback. You look at the veteran quarterbacks out there ... I mean, where we're at right now, I'm pretty excited about this player. I'm really feeling like we got a steal."
Baltimore represents the next best chance for Griffin to re-establish a once-bright career that has been lost at sea since 2014.
As the No. 2 overall pick by the Washington Redskins in 2012, Griffin burst onto the season as one of the most electric young quarterbacks the NFL has seen. RGIII won Offensive Rookie of the Year over Andrew Luck, tossing for 3,200 yards, 20 touchdowns, five interceptions and a 102.4 QB rating while adding 120 rushing attempts, 815 yards and seven running scores.
Following an offseason workout with the Browns, after which Hue Jackson famously said he felt the earth move under his feet, RGIII signed a two-year deal in Cleveland. Griffin started five games for the Browns in 2016, completing 59.2 percent of his passes with two touchdowns and three interceptions before being released.
When last we saw Griffin on the field, he was one of the most inefficient quarterbacks in the NFL. Now he gets a chance at redemption in Baltimore.
It's a new start for Griffin, who will still have to battle for a roster spot in Charm City.