Flacco just completed his seventh season as the team's starter since being selected in the first round of the 2008 draft.
The 30-year-old has completed 60.5 percent of his passes for 25,531 yards with 148 touchdowns and 90 interceptions while leading Baltimore to a 72-40 record.
The Ravens have won one Super Bowl and reached the playoffs in six of the seven seasons in which Flacco has started at quarterback.
Last season the Ravens went 10-6 before falling to the New England Patriots in the divisional round of the playoffs.
In March 2013, Flacco signed a contract extension worth $120.6 million over six years with $52 million in guaranteed money.
"I don’t feel any worse because of my age yet," Flacco said recently, according to ESPN.com's Jamison Hensley. "I’m not going to be 50 [years old] and playing. I hope I’m 40, but 50, no."