PALM BEACH, Fla. — The Baltimore Ravens have had internal conversations about a new deal for two-time NFL Most Valuable Player Lamar Jackson, coach John Harbaugh said Monday.

Jackson signed a five-year, $260 million contract in 2023, but it was widely viewed as a three-year agreement. The Ravens would likely want a new deal with Jackson before the start of next offseason, when his 2026 salary-cap figure soars to $74.65 million.

At the annual league meeting, Harbaugh indicated that he didn’t know whether the team has begun talks with Jackson, who doesn’t have an agent and represents himself in negotiations.

“You just got to manage the salary cap dance and Lamar is the main part of that because he’s the franchise player,” Harbaugh said. “Sooner or later, that’s definitely going to have to happen.”

Since signing what was an NFL record deal two years ago, Jackson has further established himself as one of the league’s premier players. He won his second NFL MVP in 2023 and nearly repeated as MVP last season, finishing as a close runner-up to Josh Allen.

Asked to put a value on Jackson, Harbaugh said, “The value is the top. When Lamar gets paid, he’s going to be the highest-paid player in football, just like he was last time. I think every contract he signs probably until he decides to hang up his cleats, he’s going to be that guy.”

Allen currently holds the title of the NFL’s highest-paid player after signing a six-year, $330 million extension with the Buffalo Bills on March 9. It included a record-setting $250 million in guaranteed money.

Jackson’s current deal includes $185 million in guaranteed money and averages $52 million per season, which ranks ninth in the NFL. His cap number this season is a manageable $43.65 million but increases by $31 million in 2026.

Baltimore would probably want a new deal in place with Jackson over the next 11 months in order to free up cap room before free agency next year. It took 27 months of challenging negotiations for the team to get Jackson’s last contract completed.

At last month’s NFL combine, Ravens general manager Eric DeCosta referred to Jackson as a “stakeholder” and “partner,” and said he might visit Jackson in Florida this offseason.

On Sunday, Ravens president Sashi Brown deferred all questions about a new deal for Jackson to DeCosta, adding, “We love Lamar. We love to see his evolution as a young man and as a football player and team leader.

Jackson, 28, is coming off the best season of his seven-year NFL career. He took his game to another level last season, setting career highs with 4,172 passing yards and 41 touchdown passes. In leading the Ravens to their first No. 1 ranking in offense, Jackson became the first player in league history to produce over 4,000 yards passing and 900 yards rushing in the same season.

Jackson’s biggest stumbling block has come in the postseason. He’s 3-5 in the playoffs and has never advanced to a Super Bowl. His 11 turnovers in the postseason are the most in the NFL since he entered the league in 2018.

“That’s what I love about Lamar Jackson — he wants to improve all the time,” Harbaugh said. “He’s never satisfied. He talks about winning the Super Bowl. And when he wins a Super Bowl — not if — he’s still not going to be satisfied. He’s going to get another one. That’s just the way he’s built.”