The Ravens also cut quarterback Troy Smith and made Billy Cundiff their kicker.
The moves were made Saturday, when Baltimore reduced its roster to 53 players.
Reed underwent offseason hip surgery and did not practice during training camp or play in the preseason. The six-time Pro Bowl star missed four games last year with hip problems.
Cundiff won the job from Shayne Graham, who was signed as a free agent in June after spending six straight seasons with the Cincinnati Bengals.
Smith, the 2006 Heisman Trophy winner, played in 14 games over three seasons with Baltimore.
Copyright 2010 by The Associated Press
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