Speaking Monday at the NFL Annual Meeting in New Orleans, Bisciotti told The Baltimore Sun that he envisions a new contract for Flacco before his current deal expires following the 2012 season.
"I hate to speak for (general manager) Ozzie (Newsome), but I would imagine that, like (coach) John Harbaugh, we would be starting negotiations with (Flacco) so that entering 2012 he won't be playing in his final year (of his contract)," Bisciotti said. "I would anticipate an extension that starts in 2012."
Flacco, 26, became the Ravens' all-time leader in passing yards (10,206) and touchdown passes (60) in just three seasons after being drafted in the first round out of Delaware in 2008.
Flacco threw for 3,622 yards and 25 touchdowns with 10 interceptions -- good enough for a career-best 93.6 passer rating that ranked seventh in the NFL -- in 16 regular-season starts last season. He led the Ravens to the playoffs for the third consecutive year.
"(The Indianapolis Colts) franchised Peyton Manning," Bisciotti told The Sun. "That's something that we have under the CBA (collective bargaining agreement). It happened with Haloti Ngata. It happened with Terrell Suggs and Chris McAlister. It's not out of the question. If Peyton Manning is the sacred cow, there's precedent there.
"But I would hope we would get something done again. And that gives us a whole year. Our goal is to get it done for 2012 for sure."
The Associated Press contributed to this report.