Watkins had a workout with the Colts on Monday, Ian Rapoport of NFL Network reports.
Watkins caught four of eight targets for 131 yards in four games with the Ravens in 2022.
Watkins finished with two catches for 79 yards on four targets in Sunday's 27-16 loss to the Bengals.
Watkins failed to record a single target in Sunday's 16-13 loss to the Steelers.
Watkins caught his only target for 40 yards in Saturday's 17-9 win over the Falcons.
Baltimore head coach John Harbaugh confirmed Thursday that Watkins is likely to play Saturday against the Falcons, Clifton Brown of the Ravens' official site reports. "We're probably going to play him," Harbaugh said. "He looks great. There was some familiarity with the offense, and I'm really, really happy and excited to have him."
The Ravens claimed Watkins off waivers Tuesday, Tom Pelissero of NFL Network reports.
The Packers are waiving Watkins on Monday, Tom Pelissero of NFL Network reports.
Watkins played seven snaps and was not targeted in Sunday's 28-19 victory over the Bears.
Watkins played four snaps and was not targeted in Sunday's 40-33 loss to the Eagles.