Rutschman, the top prospect in minor league baseball and the overall top draft pick in 2019 out of Oregon State, was hitting .309 with 3 home runs and 9 RBIs this season in 19 games across three levels of the minors in 2022.
He played 123 games for Double-A Bowie and Norfolk in 2021, batting .285 with 23 home runs and 85 RBIs.
Rutschman, 24, suffered a strained right triceps during a minor league intrasquad game in March, delaying his start to the season.
Rutschman is set to wear No. 35, the same number Hall of Famer Mike Mussina wore when he pitched for the Orioles.
In a corresponding move, catcher Anthony Bemboom was designated for assignment.