The Baltimore Ravens have reportedly agreed to trade former Super Bowl MVP Joe Flacco to the Denver Broncos, according to ESPN's Adam Schefter.

The two teams have reportedly agreed to the trade in principle, but the deal cannot be processed until new NFL league year begins Wednesday, March 13. Additionally, Schefter notes that both teams are prohibited from commenting on the trade or terms surrounding it.

(Photo by Will Newton/Getty Images)

Flacco, 34, went 4-5 in nine starts for the Ravens last season before he was forced out of the lineup with a hip injury. That paved the way for rookie quarterback Lamar Jackson to take over, and the 32nd overall pick made the most of his opportunity.

Jackson went 6-1 as a starter, and led the Ravens to the AFC North Divisional crown with a 10-6 record. 

(Photo by Patrick Smith/Getty Images)

Meanwhile, the Denver Broncos finished the season at 6-10 behind veteran QB Case Keenum, who is due $18 million for 2019 with $7 million of that fully guaranteed. Flacco is set to make $18 million in 2019.

It remains to be seen what the Broncos gave up in exchange for Flacco, but ESPN reports that it likely will be for a mid-round pick.