ENGLEWOOD, Colo. — The Broncos have an agreement in principle to trade for Baltimore Ravens quarterback Joe Flacco, according to several news outlets. ESPN was first to report the news Wednesday.
Several reports indicated the Broncos would send a midround pick for Flacco, 34, who was the No. 18 overall draft pick in 2008 and is due to make $18.5 million in 2019.
The Broncos have two fourth-round picks in this year’s draft.
Flacco was the Super Bowl XLVII most valuable player after leading the Ravens to the championship in the 2012 season that included a stunning double-overtime win over the Broncos in the AFC divisional round.
The Broncos seemingly had the game won until the “Mile High Miracle” when Flacco threw a 70-yard touchdown pass to Jacoby Jones in the final minute that sent the game to overtime.
The trade cannot take place until March 13 when the new NFL league year begins. New Broncos coach Vic Fangio spent two seasons in Baltimore while Flacco was with the team.
Flacco lost his starting job last season to rookie Lamar Jackson after suffering a hip injury and was widely expected to be traded or released in the offseason.
Flacco has started all 16 games in nine of his 11 seasons. He is 96-67 as a regular-season starter and is 10-5 in the playoffs.
Broncos general manager John Elway is on his fourth coach in six seasons with Fangio and it’s the seventh quarterback since Peyton Manning retired after the Super Bowl 50 win.
The others have not paid off: Draft picks Brock Osweiler, Trevor Siemian, Paxton Lynch and Chad Kelly, trade acquisition Mark Sanchez and Case Keenum, who threw for 18 touchdowns and 15 interceptions last season to go with a career-high 34 sacks.
Flacco’s contract, which has three years and $63 million remaining, could be reworked in Denver. Keenum’s contract guarantees him $7 million this season, if the Broncos keep him as a backup.