The exchange will take place Fri., Sept 19 and Sat., Sept 20 at M&T Bank Stadium. Jerseys must be officially licensed and will be limited to one jersey per person.
Rice had the 28th best-selling player jersey in the NFL last season, according to the NFLPA.
Last year, the New England Patriots became the first team to offer a player jersey return after tight end Aaron Hernandez was charged with murder. Over a two-day period, more than 1,200 fans -- who bought their jerseys at the Patriots' store or at the team's official online shop -- exchanged them in person for jerseys of current Patriots players. The team did not require fans to show a receipt of purchase.
In March, the Patriots announced an even more extensive program that promised fans a 25 percent discount toward a future purchase if they bought the jersey of a player no longer on the team within a year of the initial purchase.
Rice was released by the Ravens on Monday after a grainy video was released by TMZ Sports that shows the former Pro Bowl running back striking his then-fiancee Janay Palmer. The video shows each hitting the other before Rice knocks Palmer off her feet and into a railing.
In addition to being cut by the Ravens, Rice was suspended indefinitely by the NFL. An earlier TMZ video had showed Rice dragging Palmer, now his wife, from the elevator at the Revel Hotel and Casino, which closed Sept. 2.