Flacco's salary-cap number is $28.55 million, which is the third-highest in the NFL this season. It ranks behind only New Orleans quarterback Drew Brees ($30 million) and Miami Dolphins defensive tackle Ndamukong Suh ($28.6 million).
The Ravens can create much-needed cap space if they're able to reduce his cap number before the start of free agency on March 9. Baltimore currently has the second-smallest cap space in the NFL.
Flacco acknowledged a month ago that he is open to reworking his deal with Baltimore.
"Come on, I want to win, so I want to do everything we can to get something done," Flacco said in late January. "I don't know exactly what that is or exactly what that's going to be because we haven't talked about it yet. But I know that that's a huge number and it's not really realistic."
At the end of the season, general manager Ozzie Newsome said the Ravens could put together a roster and not necessarily have to redo Flacco's contract "if we are strategic enough." But the Ravens would be severely restricted in signing free agents if they carried Flacco's current cap number given that Baltimore is projected to have no cap room after factoring in the franchise tag on kicker Justin Tucker ($4.5 million) and a second-round tender on restricted free agent Kamar Aiken ($2.5 million).
Baltimore could free up cap space by releasing some veteran players or restructuring contracts, but the move that can create the most space -- potentially up to $9 million -- is lowering Flacco's cap number.
Flacco, 31, is scheduled make $58.6 million over the final three years of the six-year, $120.6 million contract he signed in March 2013.
Pro Football Talk was the first to report that the sides were going to meet at the NFL combine.