McKinney, whom Baltimore picked up off waivers from the San Diego Chargers last season, registered 11 tackles in 11 games last season.
The 6-foot-2, 324-pound former Michigan State player is due a $1.2 million base salary in 2010 and $1.4 million in 2011.
In four NFL seasons, McKinney has posted 34 career tackles in 31 games.
Restricted free agent cornerback Derrick Martin, who spent last season on injured reserve with a torn labrum that required surgery, is expected to sign a one-year contract with the team next week.
Aaron Wilson covers the Baltimore Ravens for the Carroll County Times and the Annapolis Capital.