The report indicates that the car -- a BMW -- was later recovered and examined for clues. The station's sources say Pierce and a male friend in the car where "shaken" but not injured from the incident.
"We have been in contact with Bernard and we are aware of the situation," the Ravens said in a statement.
"Bernard's fine," Pierce's agent, Marty Magid, told The Baltimore Sun on Tuesday. "The police are investigating the incident."
Pierce, a third-round draft pick last year, was one of the emerging young players in Baltimore who helped the team win the Super Bowl. He's expected to cut into starter Ray Rice's carries even more this season.
Philadelphia police told the station they are looking for anyone with information to come forward for help on the case.
Follow Gregg Rosenthal on Twitter @greggrosenthal.