Joe Flacco's agent, Ravens will meet to talk new contract, according to report

Joe Flacco's agent and the Ravens will meet this week to talk about a new, long-term contract. (Christian Petersen/Getty Images)

The Baltimore Ravens will meet with the agent for star quarterback Joe Flacco this week in Indianapolis, ESPN.com's Adam Schefter reported Monday. The talks would be the first for both sides since August.

If they cannot come to a long-term deal with Flacco, the Super Bowl champion Ravens are expected to use their franchise tag to lock up Flacco for next season. That would cost them approximately $20 million.

The Ravens have until March 4 to decide whether to use their franchise tag on Flacco. After the Super Bowl, Flacco said he was "optimistic" about getting a long-term deal done.

“I’m pretty optimistic, but who knows?” Flacco said of agreeing on a deal, according to The Baltimore Sun. “There’s all kinds of crazy things that can happen with these contracts that we’ve all seen before, but this is a great organization. I love being [in Baltimore], great city, so I don’t really anticipate any problems.”

Flacco is reportedly looking for a long-term contract that would pay him more than Denver Broncos quarterback Peyton Manning and would rival Drew Brees’ contract that pays him $20 million per season with the New Orleans Saints.