In an earlier story on BaltimoreRavens.com, ESPN's Adam Schefter said Flacco would become the highest paid player in NFL history. Terms of the deal, including both length and dollar amount have not been released as of this writing.
The NFL.com story credits FOX Sports Insider and NFL Network contributor Jay Glazer.
See more on this story at SB Nation.
UPDATE: According to Adam Schefter, a source has said Flacco's contract is for six years, $120.6 million.