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Owing Mills, MD (Sports Network) - The Baltimore Ravens signed running back Ray Rice to a five-year contract on Monday.

The team didn't release financial terms of the contract, but it is reportedly worth around $40 million.

Rice received the franchise tag from the team earlier this year after a career season in 2011.

He led the NFL in yards from scrimmage last year with 2,068 and ran for a career-high 1,364 yards with 12 touchdowns. He also caught 76 passes for 704 yards with three more scores, earning a Pro Bowl nod for the second time.

The 25-year-old has been a 1,000-yard runner in each of the last three years and has 4,377 rushing yards with 24 touchdowns in his four-year career.