Ray, who was selected No. 23 overall by the Broncos in 2015, played four seasons in Denver, compiling 14 sacks in 49 games. His most productive season came in 2016 when he had 8 sacks, 48 tackles and 21 quarterback hits in 16 games.
The former Missouri Tigers pass rusher has struggled with injuries over the last two seasons.
Terms of the deal were not disclosed.