Lewis was entering the final season of a three-year, $5.4 million deal, while Wright had two seasons remaining on a three-year, $16 million deal.
Baltimore will apparently attempt to upgrade in the secondary during the free-agency period, which begins Thursday.
Wright struggled with the Ravens last season. He played in 12 games (starting nine) and didn't record a single interception.
Wright broke into the NFL with the Chargers in 2011 and played four seasons in San Diego. He joined the Ravens during the 2015 campaign.
The 29-year-old Wright has one career interception in 67 NFL games.
Lewis made 15 starts in 2015 for the Ravens but played in just six games (all as a reserve) last season. He suffered a hamstring injury in practice and placed on injured reserve on Oct. 22.
Lewis also has played for the Kansas City Chiefs (2010-13) and Houston Texans (2014) during his seven NFL campaigns. He has nine interceptions (returning two for touchdowns) in 90 career games (81 starts).