A source said the Ravens will be sending third-day draft picks to the Jaguars for Monroe and that the basic framework of the deal is in place.
Monroe is scheduled to travel to Baltimore on Wednesday morning, according to a source, and must take and pass a physical for the trade to become official. The Ravens are currently at the 53-man roster limit, so they would have to make a roster move to create a spot for Monroe.
Monroe is "excited and upbeat" about the pending change of NFL employers after years of losing in Jacksonville, according to a source close to the Jaguars' starting left offensive tackle.
Monroe will likely be competing with Bryant McKinnie for a starting spot on the Ravens offensive line, assuming that McKinnie remains in the Ravens' plans going forward.
McKinnie was signed to a two-year contract worth $6.3 million including a $2 million signing bonus in May.
However, McKinnie reported to training camp overweight for the second year in a row and wasn’t immediately cleared to practice. He has started every game this season but has not drawn much praise.
McKinnie confirmed Tuesday night that he's aware of the pending trade.
Monroe is under contract through this season with a base salary of $3.8 million this season after voiding the 2014 year of his original rookie deal, a $28.8 million contract that included $19 million in guaranteed money. The Ravens have just $1.213 million in salary-cap space under the NFL limit of $123 million as of Tuesday.
The Ravens rank 28th in rushing offense, averaging 64 yards per game. And quarterback Joe Flacco has been sacked a dozen times.
The motivation for Jaguars general manager David Caldwell would be to acquire all the draft pick ammunition he can get to try to upgrade the roster.
Monroe is a 6-foot-5, 306-pounder from the University of Virginia selected eighth overall by the Jaguars in the 2009 NFL draft.
In his fifth NFL season, Monroe has started every game this season. The Plainfield, N.J. native has started 62 career games.