According to multiple media outlets, including the Baltimore Sun, the Super Bowl XLVII MVP will finalize the deal at the Under Armour Performance Center on Monday.
Terms of the pact were not disclosed, but according to multiple league sources, the new contract will pay Flacco $120.6 million over six years, making him the highest paid player in NFL history.
Flacco's rookie contract expired following the Ravens' epic postseason run in which the 28-year-old University of Delaware product threw 11 touchdowns and zero interceptions as he guided Baltimore to its second Super Bowl title in franchise history.
The Ravens had until March 4 to either ink Flacco to a new deal, apply the franchise tag or watch the man who led them to the Super Bowl test the market in free agency.
Flacco has been one of the more durable quarterbacks in the league since Baltimore selected him with the 18th overall pick in the 2008 draft.
The 6-foot-6 New Jersey native has started all 80 regular-season games over the past five seasons, racking up 17,633 yards and 102 touchdowns to go with 56 interceptions.
Flacco has led the Ravens to the postseason every season during his five-year tenure and is 9-4 overall in the playoffs.
