"He's got a chance to be back for training camp," Harbaugh said. "He's rehabbing every day, doing a good job with that."
Cody, 25, was signed to a one-year, $730,000 contract in March when the 6-foot-4, 340-pound second-round draft pick from Alabama said he didn't expect to need to have any additional surgeries after undergoing hip and elbow surgeries prior to last season.
Cody, who was limited to 15 tackles in a dozen games last season with one start, described himself as "full-go and actually healthy for the first time in a while."
The medical outlook was much more encouraging for left offensive guard Kelechi Osemele, who displayed no signs of any lingering issues with his back after undergoing surgery to repair a herniated disk in November. Osemele practiced without restrictions.
"K.O. looks good," Harbaugh said. "He’s 100 percent, he’s fine from the back. K.O. jumped out at me. Really practicing fast and sprinting back to the huddle. He's in really exceptional condition."
Meanwhile, backup running back Bernard Pierce was able to take part in individual drills after undergoing rotator cuff surgery on his right shoulder in January. Pierce was initially not expected back until training camp.
"Maybe a little ahead of scheduled just in the fact that we really didn't expect him to do that at this this point," Harbaugh said. "He's really working hard."
Offensive lineman Jah Reid strained his calf last week and Harbaugh predicted he'll be out a few weeks. Reid has a history of problems with muscle pulls.
Rookie defensive end Brent Urban was able to practice after undergoing ankle surgery in February. Harbaugh said Urban has been dealing with breaking up scar tissue, but felt better today.
Rookie wide receiver Michael Campanaro (River Hill) remains out with a pulled hamstring first suffered days prior to the Ravens' rookie minicamp, which Harbaugh called "really disappointing."
"He’s working hard to get back," Harbaugh said. "Hopefully, he’ll be back next week, as soon as possible. I’m on him pretty hard about it. Local boy, he needs to be out there."
Outside linebacker Adrian Hamilton was practicing without incident after having wrist surgery last year and spending the season on injured reserve.
"He’s back at 100 percent," Harbaugh said. "He looks good. His wrist is a little sore from pushing and pulling, but he looks good."
Defensive end Kapron Lewis-Moore has made a sound return from a torn anterior cruciate ligament suffered during the 2013 BCS national title game while playing for Notre Dame. He didn't play as a rookie last season.
"He's doing a really good job with the knee," Harbaugh said. "He has no effects from the knee surgery and he looks good out there."
Harbaugh said rookie offensive tackle James Hurst is no longer dealing with any issues with a broken leg suffered during a bowl game in late December.
Wide receiver Aaron Mellette is still dealing with issues with his knee after having surgery last year and spending his rookie season on injured reserve. The 2013 seventh-round draft pick from Elon practiced Wednesday.
"He’s been on and off," Harbaugh said. "The knees been flaring up and swelling up on him when he works, doing different things. So, he was out there today and looked good. We’ll see how he responds tomorrow."