The 31-year-old Ryan will get a new deal, according to Falcons owner Arthur Blank.
"He needs to be compensated well, certainly," Blank told ESPN.com on Friday. "And he will be."
Ryan still has two years left on the six-year, $103.75 million contract he signed in July 2013, including $59 million guaranteed.
Ryan could become the league's highest-paid player after leading the Falcons to Sunday's game against the New England Patriots. Atlanta is one win away from the franchise's first Super Bowl title.
Blank said he has full confidence in Ryan leading the Falcons for a long time.
"When Matt was being interviewed this week, somebody asked him, 'What do you think about Tom Brady, his age, being 39 and will be 40 in August?' and Matt said, 'I'd like to play as long as Tom,'" Blank told ESPN.
"That's when I jumped up off the sofa and starting clicking my heels. We have a lot of young talent on both sides of the ball. But to have our quarterback in place for an extended period of time will be incredible news for Atlanta. Matt is in great shape and takes wonderful care of himself. So, I'm excited."
Ryan, the third-overall pick in the 2008 NFL Draft, set franchise records in passing yards (4,944), touchdowns (38), passer rating (117.1), completion percentage (69.9) and 25-plus-yard passes (42) this season.
Ryan is expected to be named the MVP Saturday night during the "NFL Honors" awards show.
"I think those are things we're going to continue to talk about in the offseason," Falcons general manager Thomas Dimitroff said earlier in the week when asked about an extension for Ryan.
"Obviously, Matt has done an excellent job. We want him to be here for many, many, many years. It will be on our radar sometime in the near future."