Anderson spent two seasons with the Ravens, gaining 245 yards rushing and scoring one touchdown. He also had 13 catches for 80 yards.
The former NFL Offensive Rookie of the Year rushed for 3,822 yards and 36 touchdowns during six seasons with the Denver Broncos. He signed a four-year, $8 million contract with Baltimore in 2006 that included a $2 million signing bonus.
Anderson was under contract through 2009.