The Baltimore Ravens have informed veteran wide receiver Michael Crabtree today that the team is releasing him, according to a report by ESPN’s Adam Schefter.

No official statement has been made by the team just yet, but with other insides reporting in the same news, it's safe to say that Crabtree will no longer be a member of the Ravens.

After initially signing a three-year deal worth $21 million last year, but will only end up making $8 million of it, as he had $5 million in other guaranteed money set to kick in on March 17.

Releasing Crabtree will save the Ravens $4.6 million in cap space, which the team will presumably use to try and shore up other areas of need.

Crabtree joined a Ravens receiving corps that was looking to rebuild. Throughout the season, Crabtree was likely the Ravens most reliable receiver, hauling in 54 receptions for 607 yards and catching three touchdowns.

While the Ravens struggled at times with their quarterback and receiving situation, Crabtree was always a solid player for the team, and will likely look to bounce back on another team looking for some veteran presence in the locker room.

Crabtree now adds his name to a free agent class of wide receivers that isn’t too deep, with names like Randall Cobb and Golden Tate headlining the upcoming class.

Now, the Ravens will have to look elsewhere to add to their receiving depth, likely trying to sign another name from free agency or addressing their needs in the upcoming NFL Draft.