Source: Ravens agree to deal with ex-Vikings WR Mike Wallace

— -- The Baltimore Ravens have agreed to a contract with free agent wide receiver  Mike Wallace, a source confirmed to ESPN.

A source told ESPN's Adam Schefter that the deal is for two years and is worth $11.5 million.

The Ravens are expected to announce the signing Tuesday during a news conference at 3:30 p.m. ET. The deal was reached after Wallace had spent the day visiting the Ravens' facility.

Wallace brings much-needed speed to the Ravens, who averaged an NFL-worst 10.4 yards per reception. In seven NFL seasons, Wallace established himself as one of the more dangerous deep threats in the league, averaging 15.1 yards per reception.

This addition adds another weapon for the strong-armed Joe Flacco. Last week, the Ravens signed tight end Ben Watson to a two-year, $8 million deal.

The Ravens made wide receiver a priority in free agency because Steve Smith is coming off a season-ending Achilles injury and first-round pick Breshad Perriman didn't play a down after spraining his knee. Baltimore could address wide receiver in the draft as well.

The Minnesota Vikings released Wallace last Tuesday, parting ways with the receiver a year after they sent a fifth-round pick to the Miami Dolphins for him.

The team had hoped Wallace would become a deep threat in offensive coordinator Norv Turner's offense, but the 29-year-old caught just 39 passes for 473 yards and two touchdowns, as the team's downfield passing game never materialized.

The Vikings recouped $11.5 million in cap space for 2016 by releasing Wallace. The wide receiver had signed a five-year, $60 million contract with the Dolphins in 2013.

Wallace came to Minnesota after two disappointing years with the Dolphins. Wallace, who averaged 17.2 yards per catch during his first four seasons with the Steelers, hasn't eclipsed 13 yards a catch since.

He passed the 1,000-yard receiving mark twice with the Steelers (1,257 in 2010 and 1,193 in 2011). He was selected to his only Pro Bowl in 2011.

ESPN Vikings reporter Ben Goessling contributed to this report.