The teams are prohibited from commenting on the deal or the terms. He reported when completed, the Ravens will likely get a mid-round pick.
The agreement means that Baltimore is officially committing to Lamar Jackson as their quarterback. He spent 11 seasons with the Ravens and was the MVP of their Super Bowl triumph over the San Francisco 49ers to conclude the 2012 season.
Flacco, 34, went 4-5 in nine starts for the Ravens last season before he was forced out of the lineup with a hip injury.More news: Nicki Minaj cancels BET concert appearance after network's tweet
More news: OnePlus’ 5G prototype smartphone will be shown off at MWC
More news: Savage released on bond following arrest: ‘He won his freedom’
By trading Flacco, Baltimore will have $16 million on their dead cap for 2019.
Meanwhile, the Denver Broncos finished the season at 6-10 behind veteran QB Case Keenum, who is due $18 million for 2019 with $7 million of that fully guaranteed. The Jacksonville Jaguars, Washington Redskins and Miami Dolphins are among the teams expected to add new quarterbacks.
New Broncos coach Vic Fangio was in Baltimore for Flacco's first two seasons, so he knows what he'll be getting.
If Flacco winds up as the Broncos starter in the fall, he would be the fifth starting quarterback for Denver since Peyton Manning retired.