The people spoke on condition of anonymity because the agreement has not officially been announced.
Flacco played out his rookie contract last season for $6.76 million and led Baltimore to the NFL championship.
Falcons clean house
The Atlanta Falcons started their youth movement by ditching three key players from the most successful era in franchise history.
The Falcons released running back Michael Turner, defensive end John Abraham, and cornerback Dunta Robinson, moves that were not unexpected given their age (all in their 30s) and hefty salaries.
Still, it was a stunning start to Atlanta's offseason makeover, especially for a team that came up just short of the Super Bowl, losing to San Francisco in a thrilling NFC championship game.
Kaepernick lauds Smith
Colin Kaepernick had nothing but praise for the man he replaced as the starting quarterback for the San Francisco 49ers.
In an interview with the NFL Network, Kaepernick said Alex Smith will thrive no matter which team he plays for while also hailing him as a great teammate and teacher.