A statue of legendary Colts quarterback Johnny Unitas stands outside M&T Bank Stadium.
"I think he set himself apart in Baltimore sports history, and we will certainly look into it," Bisciotti said. "And I would not be surprised if there is one there in the next year or two."
Coach John Harbaugh said he spoke to Lewis about possibly coaching, but that Lewis turned down the idea.
"I have asked him, but he's not interested," Harbaugh said.
Lewis leaves the NFL with two Super Bowl rings. He was a two-time defensive player of the year, a seven-time first-team All-Pro and a 12-time Pro Bowler. In 17 seasons, he had 1,573 tackles, 41.5 sacks and 31 interceptions.
After the Ravens upset the 49ers, 34-31, on Sunday, Lewis said: "Now I get to see a different side of life. My family, and my sons, my kids, they've sacrificed for me. Now I have the opportunity to sacrifice for them."
On Wednesday, Ray Lewis III signed a letter of intent to follow in his dad's footsteps and play at Miami. He's primarily a running back but was recruited as an all-purpose "athlete."
For more NFL news, rumors and analysis, follow @EyeOnNFL on Twitter, subscribe to our RSS Feed, watch Pro Football 360 daily at 3 ET and NFL newsletter. You can also follow Larry Hartstein @LarryHartstein.