Quarterback Joe Flacco and the Baltimore Ravens have agreed to terms on a contract that will prevent the Super Bowl MVP from becoming a free agent, the team confirmed Friday evening.
Flacco, 28, is expected to re-sign Monday with the team that drafted him 18th overall out of Delaware in 2008. The Ravens were faced with the prospect of applying either the exclusive or non-exclusive franchise tag to the passer, or agreeing with his request for a new contract that would pay him more than $20 million per season.
FOXSports' Jay Glazer first reported the pending deal. Terms are not yet available. ESPN reported Flacco will become the NFL's highest-paid player in terms of annual salary.
New Orleans Saints quarterback Drew Brees signed a five-year, $100 million contract last July that guaranteed him $60 million. The Denver Broncos gave Peyton Manning a five-year pact worth up to $96 million in March, 2012.
PHOTOS: Flacco wins Super Bowl XLVII MVP honors 
Baltimore Ravens quarterback Joe Flacco is hoisted by his teammates after defeating the Baltimore Ravens in Super Bowl XLVII at the Mercedes-Benz Superdome.
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Baltimore Ravens quarterback Joe Flacco (5) hoists the Vince Lombardi Trophy after defeating the San Francisco 49ers in Super Bowl XLVII at the Mercedes-Benz Superdome.
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Baltimore Ravens quarterback Joe Flacco (5) celebrates winning Super Bowl XLVII against the San Francisco 49ers at the Mercedes-Benz Superdome.
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Baltimore Ravens inside linebacker Ray Lewis celebrates with quarterback Joe Flacco after winning Super Bowl XLVII at the Mercedes-Benz Superdome.
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Baltimore Ravens quarterback Joe Flacco (5) celebrates winning Super Bowl XLVII against the San Francisco 49ers at the Mercedes-Benz Superdome.
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Baltimore Ravens quarterback Joe Flacco (5) eludes a defender in the fourth quarter in Super Bowl XLVII at the Mercedes-Benz Superdome.
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Baltimore Ravens quarterback Joe Flacco (5) throws a pass during the first quarter against the San Francisco 49ers in Super Bowl XLVII at the Mercedes-Benz Superdome.
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Baltimore Ravens quarterback Joe Flacco (5) reacts after throwing a touchdown pass to wide receiver Anquan Boldin (not pictured) against the San Francisco 49ers in the first quarter in Super Bowl XLVII at the Mercedes-Benz Superdome.
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Baltimore Ravens quarterback Joe Flacco (5) drops back to pass against the San Francisco 49ers in the first quarter in Super Bowl XLVII at the Mercedes-Benz Superdome.
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Baltimore Ravens quarterback Joe Flacco (5) throws a touchdown pass to Jacoby Jones (not pictured) against the San Francisco 49ers during the second quarter in Super Bowl XLVII at the Mercedes-Benz Superdome.
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Baltimore Ravens wide receiver Jacoby Jones (12) celebrates with wide receiver Torrey Smith (82) and quarterback Joe Flacco (5) after scoring a touchdown against the San Francisco 49ers in the second quarter in Super Bowl XLVII at the Mercedes-Benz Superdome.
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Flacco has never appeared in a Pro Bowl but led the Ravens to a 34-31 Super Bowl XLVII victory against the San Francisco 49ers last month in New Orleans. His agent, Joe Linta, did not respond to text messages and phone calls Friday.
Flacco turned down an extension last offseason, opting to play out the final year of his rookie deal. It's a gamble that paid off handsomely with Flacco joking he'd make Ravens owner Steve Bisciotti pay up after his three-touchdown Super Bowl performance.
Locking up Flacco, who tied Joe Montana's mark by throwing 11 touchdowns and zero interceptions in one postseason, allows Baltimore to focus on its other potential free agents, a group that includes safety Ed Reed, linebacker Paul Kruger and tackle Bryant McKinnie. The cap-strapped Ravens also need to tender restricted free agents Arthur Jones, Dennis Pitta and Ed Dickson.
Flacco passed for 22 touchdowns and 10 interceptions during the 2012 regular season and owned the league's 12th-highest passer rating (87.7). However, he was the only starting quarterback to avoid throwing an interception in the 2012 playoffs.
Flacco is the only quarterback in NFL history to win a playoff game in each of his first five seasons and has already reached the AFC Championship Game three times.
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PHOTOS: 25 hot NFL free agents 
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12. Jairus Byrd, FS, Buffalo Bills Timothy T. Ludwig, USA TODAY Sports
