Reed, 25, missed all but five games in 2012 because of a torn ACL. He made five catches for 66 yards.
Ihedigbo, 29, is a five-year veteran who appeared in all 16 games last season, his first with the Ravens. He finished with 25 tackles, a sack and one pass defended.
Update: Long snapper Morgan Cox also is reportedly headed back to the Ravens on a two-year deal. The 26-year-old has appeared in all but one of Baltimore's games over his first three seasons in the NFL.
Update II: The Ravens have officially announced their two-year contracts with Cox and Reed.
Update III: Offensive lineman Ramon Harewood has agreed to a one-year contract to rejoin the Ravens, according to The Sun. Harewood appeared in six games in 2012, starting the first five of the season.