The trade cannot officially be completed until the new league year begins March 13, ESPN reported. The Ravens will receive a mid-round draft pick in return for Flacco, according to ESPN.
Flacco suffered a hip injury during the team’s Week 9 game against the Pittsburgh Steelers. He was replaced by rookie quarterback Lamar Jackson – who won six out of his last seven games down the stretch and led the Ravens to the playoffs. Baltimore was ultimately bounced by the Los Angeles Chargers in the first round.
The 34-year-old quarterback led the Ravens to their second Super Bowl title in 2012, defeating the San Francisco 49ers. Flacco was awarded Super Bowl MVP and signed a six-year, $120 million contract with the Ravens before the next season.
It’s unclear whether Flacco will have to battle for the starting job in Denver. Case Keenum started every game for the Broncos last season in his first year with the team.