Peppers, 34, could be released if they are unable to deal him.
He's due an $11.9 million base salary, so it may be nearly impossible to trade him.
Peppers had seven sacks last season. He has 37.5 sacks since joining the Bears four seaons ago.
The former Carolina Panthers star has 118.5 career sacks.
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Aaron Wilson covers the Ravens for The Baltimore Sun