Update: The Ravens have made the deal official.
Baltimore struck a deal with the 26-year-old Monroe within an hour of the start of free agency on Tuesday. Monroe started 11 games with the Ravens last season after being acquired from the Jacksonville Jaguars for draft picks on Oct. 1.
The eighth overall pick in the 2009 draft, Monroe is listed at 6-foot-5 and 306 pounds. He is considered one of the most physically talented tackles in the league.
Offensive tackle was a hot position at the outset of this year's market with several linemen on the move. But with all the maneuvering, the Ravens remained the best fit for Monroe and the team's investment in dealing for him during the season paid long-term dividends.
While Monroe will remain on board, defensive lineman Art Jones will not. Jones, 27, wasn't expected to remain in Baltimore after developing to the point that he had priced himself out of the Ravens' range.
In 2013, he recorded a career-high 53 tackles, including four sacks. The 2010 fifth-rounder had spent his entire four-year career in Baltimore, tallying 8.5 sacks over the last two seasons.
And for that work, Jones earned his big payday from the Colts, signing a five-year deal worth more than $6 million per season, according to multiple reports.