Originally posted on Pro Sports Daily  |  Last updated 7/18/12

The Ravens are moving toward a contract extension with quarterback Joe Flacco, and the deal could even be finalized at or before the start of training camp next week.

NFL.com reported the two sides were closing in and estimated Flacco had a "75 percent chance" of signing his deal before the team reports to camp.

Flacco was a first-round pick in 2008 and has won at least one playoff game in each of his four NFL seasons. The Ravens lost in the AFC Championship game last season.

Lee Evans wasn't able to hold onto a pass in the end zone with 22 seconds remaining in a 23-20 loss to the Patriots and Billy Cundiff missed a potential game-tying field goal.

Signing running back Ray Rice to a $40 million deal last week cleared significant cap space for Baltimore to define parameters of a deal with Flacco. He's in the final year of his rookie contract which paid him a total of $12 million.

Yet Flacco maintained the contract wouldn't be an issue, expressing confidence in general manager Ozzie Newsome to get a new contract done. How quickly the sides come together might depend on how strongly Flacco feels about being paid as one of the top quarterbacks in the NFL. He said in the offseason that he believes he's the best quarterback in the league.

Drew Brees signed a five-year, $100 million deal on Friday and Peyton Manning could make $96 million on a five-year contract signed with the Broncos in March.

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