Perriman is a 2015 first-round pick who has struggled with injuries and inconsistency throughout his career. There are still no guarantees that he will make the season-opening 53-man roster.
The Ravens wanted to make a decision on Thursday before Perriman took the field for the first full-team practice of training camp.
Perriman is not among the team's top three wide receivers after Baltimore added Michael Crabtree, John Brown and Willie Snead this offseason. The Ravens could have created $1.6 million in cap space by either releasing or trading Perriman.
The No. 26 overall pick in 2015, he ranks among the biggest first-round busts in franchise history. In 27 games, Perriman has managed 43 catches for 576 yards and three touchdowns.
He has the size and speed to become a playmaking receiver, but he has repeatedly had trouble with injuries and dropped passes. If Perriman stays healthy, this would mark the first time he participates in a full training camp.
Perriman's future remains uncertain. In May, Perriman was one of 12 first-round picks from the 2015 draft whose fifth-year option was not exercised. He is now in the final year of his four-year, $8.7 million rookie deal.
"He knows it's his opportunity to make or break being a part of the Ravens," general manager Ozzie Newsome said in early March.
One of Perriman's biggest problems has been staying healthy. He missed the entire 2015 season with a partially torn PCL in his right knee, and he was sidelined for all of training camp last year with a partially torn ACL in his left knee.
This past year, Perriman was sidelined for all of the preseason with a hamstring injury before missing one game with a concussion. His troubles catching the ball and aggressively competing for the ball dropped him behind Chris Moore as the team's No. 3 wide receiver and led to him being inactive for four of the final seven games last season.
Perriman received the worst grade among 116 receivers from Pro Football Focus last season. His dropped passes became such a problem that he was sarcastically booed by fans after making two catches in the last home game he played.
Ravens coach John Harbaugh expressed optimism that Perriman could turn his career around.
"I'm confident he can do it. I'm hopeful he can do it; I want him to do it," Harbaugh said at the end of the season. "I'll do everything I can; we'll do everything we can, as a coaching staff, to make him the best he can be, because we need him to be great. But if it doesn't work out, then it's going to be somebody else. That goes for any player."