BALTIMORE -- Ray Rice has been designated the franchise player of the Baltimore Ravens, who hope to buy some time while negotiating a lengthy deal for the two-time Pro Bowl running back.

Rice's contract expired after a season in which he amassed an NFL-best 2,068 yards from scrimmage and helped the Ravens advance to the AFC Championship Game.

As a franchise running back, Rice will earn $7.7 million in 2012. Baltimore, however, intends to have him around a lot longer.

"As we have in the past, placing the franchise designation on a player allows us to keep negotiating on a long-term contract," general manager Ozzie Newsome said Friday. "Our goal is to keep Ray Rice a Raven. "

Last September, Ravens defensive tackle Haloti Ngata traded his franchise tag for a five-year, $61 million contract. Rice would like to follow a similar path.

Soon after Baltimore's loss to New England in the AFC title game, Rice said, "I'm not going to complain about the franchise tag, but I prefer the long-term. That's what Baltimore, the city, the fans, would love to know -- that Ray Rice is going to be here, not just one year, but for many years to come."

Rice scored a franchise-record 15 touchdowns in 2011 to go with a career-best 1,364 yards rushing. He also led Baltimore with 76 catches (for 704 yards).