OWINGS MILLS, Md. -- The Baltimore Ravens signed receiver Willie Snead to a one-year, $6 million fully guaranteed extension, a source told ESPN's Adam Schefter on Monday.

Snead, 27, has been a valuable veteran target for quarterback Lamar Jackson this season and would have been an unrestricted free agent at the end of the season. He ranks third on the Ravens with 15 catches for 223 yards and two touchdowns.

Grateful For Baltimore, Love being a Raven!! #TrustGod #LLEP🕊 https://t.co/CHT2Qhlnwf

— Willie Snead IV () October 28, 2019

The Ravens also count on Snead for his physical play. He is an underrated blocker for the NFL's top-ranked rushing attack.

Snead joined the Ravens last season, signing a two-year, $7 million offer sheet as a restricted free agent. He spent his first three seasons with the New Orleans Saints.

Snead provides experience and leadership to a wide receiver group that includes rookies Marquise "Hollywood" Brown and Miles Boykin.

By extending Snead's contract, that will free up some much-needed salary cap space. Baltimore, which has less than $2 million in cap room, could be opening up some space to make a move before Tuesday's trade deadline.