Joe Flacco and the Baltimore Ravens have agreed to a six-year, $120.6 million contract that will make the quarterback the highest-paid player in NFL history, a source familiar with the deal told ESPN NFL Insider Adam Schefter on Friday.

The two sides worked on the contract language this weekend, and Flacco's deal was finalized Sunday night, a source said. The Ravens are expected to host a news conference Monday.

Ravens general manager Ozzie Newsome said the sides have settled on the parameters of the deal, but still have some language and details to work out.

Fox Sports was the first to report that Flacco and the Ravens had agreed to a deal.

Drew Brees is currently the highest paid player in the NFL, averaging $20 million per year.

Flacco played out his rookie contract this past season for $6.76 million. Now, based on the $120.6 million deal, he will make an average of $168,908 each day of the regular season for the next six years.

Reaching agreement with Flacco before Monday's 4 p.m. franchise deadline means the Ravens are assured of retaining their starting quarterback and don't have to take a salary cap hit of approximately $19.5 million.

On Feb. 7, Newsome said, "If we are able to get a deal done, it will allow us to participate more in the (free agent) market, if we so choose."

Newsome also now can turn his attention toward re-signing free agents Ed Reed, Paul Kruger and Bryant McKinnie.