The trade, announced Thursday by the Ravens, will be finalized after Shipley passes a physical.
Shipley played in 14 games last season with the Colts, getting five starts. He participated on special teams for Indianapolis in an AFC wild-card game in Baltimore last season.
The 6-foot-1, 309-pound Shipley was selected in the seventh round of the 2009 draft by Pittsburgh. He was a member of the Steelers' practice squad in 2009 and on Philadelphia's practice squad in 2010 before signing with Indianapolis in 2012.
He started his first career game against Green Bay in Week 5 and added his second start of the year at Jacksonville in Week 10. Shipley concluded the regular season having started the final three games at center en route to the team's AFC Wild Card Playoff appearance.
He played in college at Penn State.
Shipley will compete with Gino Gradkowski to replace 2012 starter Matt Birk, who retired during the offseason.
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