The Ravens reached an agreement on a contract extension with veteran rush linebacker Terrell Suggs on Sunday night that is expected to give the team additional salary-cap room, according to team sources.

Suggs, 31, has verbally agreed to the deal, according to sources, and he’s expected to sign the contract Monday morning. Ravens general manager Ozzie Newsome and Suggs will speak to reporters at a news conference at noon on Monday at the Under Armour Performance Center.

Full details of Suggs' adjusted contract weren’t available Sunday evening , but he was scheduled to make a $7.8 million base salary under the previous terms of his six-year, $62.5 million contract. The new pact is expected to significantly lower Suggs' $12.4 million salary-cap figure, according to a source.

It should also provide the Ravens with much-needed salary-cap flexibility to try to retain several of their unrestricted free agents, including tight end Dennis Pitta, offensive tackle Eugene Monroe, middle linebacker Daryl Smith, wide receiver Jacoby Jones and cornerback Corey Graham. Defensive lineman Arthur Jones is still expected to command a lucrative price as a free agent and may be difficult to keep.

Before the new deal with Suggs, the Ravens had just under $12 million of cap room but that was before tendering contracts to their exclusive rights and restricted free agents.

Suggs, who has played 11 seasons for the Ravens and is the organization’s longest tenured player, is their all-time leader in sacks (94.5) and forced fumbles (27), and is second in fumble recoveries and tackles.

He finished last season with 10 sacks, though only one of them came in the Ravens’ final eight games. Suggs also finished the season with 80 tackles in his first full season since suffering a partial tear of his Achilles tendon prior to the 2012 regular season.

Suggs’ previous contract was signed in 2009. The six-time Pro Bowl selection and 2011 Defensive Player of the Year received $37.1 million in total guaranteed money, including a $10.1 million signing bonus and a $23.2 million option bonus.