Report: Flacco signs historic contract

BALTIMORE, March 1 (UPI) -- Quarterback Joe Flacco reportedly has agreed to a new six-year contract with the Baltimore Ravens that will make him the highest paid player in NFL history.

The Baltimore Sun and other media outlets reported the deal had been worked out and would be announced Monday.

Various league sources said Flacco would receive $120.6 million during the six years of the contract.

The Ravens have been facing a deadline of March 4 to either sign Flacco or designate him as the club's "franchise player."

Flacco's original contract with Baltimore expired at the end of the 2012 season, which came to a close with the Ravens winning the Super Bowl title over San Francisco. During the playoffs Flacco threw for 11 touchdown passes without an interception.

He was the 18th pick in the 2008 draft and has not missed a start during the last five seasons. He has 17,633 career passing yards with 102 touchdowns and 56 interceptions.

Flacco has quarterbacked the Ravens to a 9-4 record in the playoffs and they have reached the postseason in each of his five years with the team.