Campbell's contract is worth $12.5 million but could be as much as $16.5 million with incentives, sources told ESPN's Adam Schefter.
Campbell, 35, decided to return for his 15th NFL season after briefly contemplating retirement, saying he still has a desire to play after watching the Los Angeles Rams celebrate their championship. He now will get to finish his career in Baltimore after spending the past two seasons there and will try to get that elusive Super Bowl ring.
Over the past two days, the Ravens addressed two areas of need while bolstering their leadership on defense, bringing back middle linebacker Josh Bynes on Friday and then keeping Campbell on Saturday.
A six-time Pro Bowler, Campbell has long been known for his ability to get to the quarterback. But he was more of a run-stopper than a pass-rush force in his two seasons with Baltimore, where he managed 4.5 sacks, including 1.5 last season.
Durability has been a problem for Campbell with the Ravens. After his streak of 98 straight starts ended, Campbell missed six of his past 25 games with Baltimore.
He is one of four NFL defenders since 2000 to record at least 700 tackles and 85 sacks. Among all active players, his 93.5 career sacks rank 10th and his 773 career tackles are 12th.
Campbell is still in search of that first Super Bowl championship after six trips to the playoffs. He played nine seasons with the Arizona Cardinals, who selected him in the second round of the 2008 draft, and three with the Jacksonville Jaguars before being traded to the Ravens in March 2020 for a fifth-round pick.