Campanaro recorded career highs in receptions (19) and receiving yards (173) to go along with one touchdown in 13 games last season. He also returned a punt 77 yards for a score against the Chicago Bears in 2017 and led the AFC with an average of 10.8 yards per punt return.
The 27-year-old Campanaro has 31 catches for 310 yards and two touchdowns in 24 career games since being selected by the Ravens in the seventh round of the 2014 NFL Draft.
Campanaro likely will compete for slot snaps with fellow wideouts Taywan Taylor and Tajae Sharpe, with Rishard Matthews and Corey Davis working on the outside.
A Maryland native, Campanaro sent a goodbye message thanking those in the Ravens' organization, coaches and fans.
"These last four years have been a dream come true playing for my hometown team," wrote Campanaro, who played at nearby River Hill High School.
"More than anything, I will miss the relationships I've built with my brothers in the locker room, but I'm excited for this next chapter. Thank you!"