Canty has split his eight NFL seasons evenly between the Dallas Cowboys and the New York Giants, playing 113 career games, making 95 starts.
"Chris is a good player and an upgrade for our defense," general manager Ozzie Newsome said in a statement. "We've seen that in our study, and he has also played very well against us. We like the fact that he is coming from a winning franchise that recently won the Super Bowl with his help. Plus, he can help us at both end and tackle.
"(Ravens coach John Harbaugh) and I met with him for a while last night, and we especially liked the enthusiasm he showed to be a Raven. It's good to add a quality player and person like Chris to our roster."
The Ravens also officially announced that offensive lineman Ramon Harewood and running back Damien Berry were re-signed to one-year deals.
Berry originally signed with the Ravens as a rookie free agent in 2011 and spent his first NFL season on Baltimore's practice squad. He missed all of 2012 after being placed on injured reserve with a neck/shoulder injury during training camp.
Harewood played in six games in 2012, starting the first five.