Free agent wide receiver Odell Beckham Jr. has agreed in principle to a one-year contract with the Baltimore Ravens, the team announced Sunday. Beckham later confirmed the news on Instagram.

The three-time Pro Bowl receiver will sign for $15 million guaranteed and could earn up to $3 million more in incentives, according to media reports.

The Ravens have been looking to upgrade their receiving corps, and Beckham's addition could improve the team's leverage in its stalemate with star quarterback Lamar Jackson. Baltimore used the non-exclusive franchise tag on Jackson in March, allowing him to negotiate with other teams.

Jackson has since said that he has requested a trade, while the Ravens have indicated they want to keep him in Baltimore.

Beckham, 30, had been pursuing a $20 million annual contract in his comeback from injury after tearing his left ACL during Los Angeles Rams' Super Bowl LVI win against the Cincinnati Bengals on Feb. 13, 2022. Beckham sat out the 2022 season as a result. The New York Jets were reportedly among the team interested.

He spent his first five NFL seasons with the New York Giants, recording 390 catches for 5,476 yards and 44 touchdowns. He then spent two-plus seasons with the Cleveland Browns and part of another with the Rams.

Beckham has 531 catches for 7,367 yards and 56 touchdowns in 96 career games (91 starts). He had more than 1,000 receiving yards in five of his first six seasons.