In an interview with Baltimore radio station 105.7 The Fan on Tuesday, Reed said he has contacted the Ravens about wanting a new contract.
"I'm not making it a big deal," Reed said, according to Baltimore-area media outlets. "I think it needs to be taken care of."
When contacted by the Baltimore Sun, the Ravens said they wouldn't respond to Reed's comments.
"I'm not going to ask the Ravens about anything if I'm not going to play any much longer," he said. "I appreciate the opportunity that the Ravens have given me. I'm not about to ask them for anything if I'm not going to be playing. My focus is to get myself back. I'm coming back for at least for one more year."
Reed makes a little less than $20 million over the final three years of a six-year contract that took effect in 2007, according to the Sun.
Reed underwent hip surgery in April and said last week in a Sirius XM radio interview that he was about 35 percent recovered. Reed had groin and foot injuries during last season.
Reed said in the interview with The Fan on Tuesday that he is aiming to play in the season opener against the New York Jets but acknowledged he might miss part of the coming season.
"I believe with the hip, it could be a realistic thing where it could be October, November and December," Reed said. "We don't know. It's going to be dependent on how I feel and what have I done to get back into full-throttle game shape."
Reed, a six-time Pro Bowler (including last season) was the NFL's Defensive Player of the Year in 2004 and has 46 career interceptions with 11 defensive touchdowns (nine INT returns and two fumble recoveries).
Information from ESPN.com's James Walker was used in this report.