The 6-foot-7, 260-pound former Iowa player has 182 career receptions for 2,120 yards and 17 touchdowns.
Chandler, 29, caught 47 passes for 497 yards and three touchdowns last season.
He was cut by the Bills to create $2.25 million in salary-cap space. He was due a $1.95 million salary, and a $250,000 roster bonus was due to Chandler on Friday.
If they don't make a move for a tight end in free agency, the Ravens could address that position in the draft. They met with Minnesota tight end Maxx Williams and Miami (Fla.) tight end Clive Walford at the NFL scouting combine.
The Ravens return Crockett Gillmore and Philip Supernaw at the position next season. Dennis Pitta is regarded as a major question mark because of his chronic hip problems.
The Ravens discussed bringing back tight end Owen Daniels, but he was regarded as too pricey and signed a three-year, $12 million contract with the Denver Broncos.