Report: Ravens 'close' to new deal with Flacco

David Butler II / USA TODAY Sports

Heading into the offseason with little financial flexibility, the Baltimore Ravens have long been expected to address the astronomical salary-cap figures on Joe Flacco's contract.

A meeting with Flacco's agent appears to have resulted in some significant progress to that end, as Baltimore is now "close" to finalizing a new deal with the veteran quarterback, a source told Jeff Zrebiec of the Baltimore Sun.

Whether the deal proves to be a simple restructure or an extension on the six-year deal he signed in 2013, Flacco's $28.550-million cap number should drop considerably.

Offensive lineman Kelechi Osemele could be the main beneficiary of such an agreement. The Ravens are looking to re-sign the standout guard ahead of his impending free agency, offering him an aggressive deal to step in as the club's left tackle moving forward.

On the heels of the most disappointing season in recent memory, the Ravens may also use the additional cap space to bolster the roster with some free-agent additions.