The Denver Broncos and John Elway are making progress towards a new contract.

Ian Rapoport is reporting that the team and Elway are making progress toward an extension that would keep him in Denver for the foreseeable future.

"We're working to get it done," Joe Ellis, Broncos CEO and president, said. "We've had some productive discussions in the last week or so and will keep talking. John's an important part of our organization, and we want to make sure he's here for a long time."