In what remains a fluid situation, Boldin has declined.
Depending on whether this financial dispute is resolved, it could lead to his release.
One source stated early Saturday morning, "Unless something dramatic happens, it's an absolute done deal that Anquan will be released."
The Ravens were on the verge of releasing Boldin at one point Friday afternoon, and he had prepared a statement thanking the fans for their support for his time in Baltimore. The Ravens haven't given up on working something out with Boldin.
Boldin, 32, carries a $7.531 million salary-cap figure.
Boldin caught 22 passes for 380 yards and four touchdowns during the playoffs as the Ravens defeated the
"I'll tell you what: Anquan was a beast in those four games," Flacco said Monday in a reference to Boldin's postseason performance. "It was awesome to have him out there. You guys saw some of the catches that he made, none more important than the third down against San Francisco.
"He's been a big part of this offense. He's a big part of why I'm standing here talking to you guys. [The contract] definitely increases my confidence that we'll have him back, and I hope we do."