But as things currently stand, a deal is not imminent.
"I couldn't even put a (timetable on it). I don't know how close we are," Falcons general manager Thomas Dimitroff said on Wednesday, per D. Orlando Ledbetter of The Atlanta Journal-Constitution. "I can't. We talk about it and it seems like things are right around the corner."
Ryan is scheduled to make $19.25 million in 2018, per Spotrac.
In 2017, Ryan completed 64.7 percent of his passes for 4,095 yards and 20 touchdowns. He is just one year removed from winning the NFL MVP award, throwing for 4,944 yards and 38 touchdowns while leading Atlanta to a Super Bowl appearance.
Taken by the Falcons with the third overall pick in the 2008 draft, Ryan holds nearly every notable franchise passing record. Passing yards (41,796), touchdowns (260), completion percentage (64.9) and wins (95) all belong to No. 2.
Dimitroff is on the record of saying an extension for the four-time Pro Bowler is the team's top priority this offseason. However, there could be outside factors holding talks up.
Ryan could be letting the market play itself out before looking to ink a new deal. The San Francisco 49ers signed Jimmy Garoppolo to a five-year, $137.5 million deal despite having just seven career starts. Kirk Cousins just received a fully guaranteed three-year, $84 million contract with the Minnesota Vikings. Aaron Rodgers is also working on an extension with the Green Bay Packers, according to NFL.com's Jeremy Bergman. Waiting for the top passers to set the bar for terms of a new deal would be wise from a business perspective.
Dimitroff insisted that he's not worried about a deal getting done, as this is how business is done in the NFL:
"So, I'm not concerned about that. As far as the discussions with Matt, Matt knows what this team is about. He knows what he can do for this team at a number of levels. He knows that he's right up against the third contract in the NFL and those are big contracts and significant discussion points. He's very aware of that and he's aware of everyone on the team being aware of it.
"He doesn't want to be a distraction. Ultimately, he's a team guy through and through. Hopefully, we can move through this soon and get this done."
There's no rush for a deal to get done. It's all about the two sides finding common ground, which could just be a matter of time.