DeCosta, a member of the franchise since their inaugural season in 1996, logged time as an area scout and director of college scouting before the Ravens promoted him to director of player personnel in 2009. He has long been considered the successor to general manager Ozzie Newsome.
"Since this franchise started in 1996, we've established a strong history of retaining our most important executives, players, coaches and personnel experts," Newsome said in a statement released on Friday.
"Eric, who has had opportunities to interview with other teams recently and over the years, is another one we want to keep and will keep. He has chosen to stay with the Ravens, and we're excited that he will. He is a most valuable asset and will continue to help us win championships."