Lewis played the final game of his legendary 17-year career in Sunday's Super Bowl victory over the 49ers. He was a two-time NFL Defensive Player of the Year and 12-time Pro Bowl linebacker.
Bisciotti said he doesn't know where the statue would be built and doesn't know how long it would take. A statue of Colts quarterback Johnny Unitas is outside M&T Bank Stadium.
"I think he set himself apart in Baltimore sports history," Bisciotti said of Lewis, "and we will certainly look into it and I would not be surprised if there is one there in the next year or two."
Ravens coach John Harbaugh said Lewis is always welcome to visit and talk to the team, but he indicated that Lewis won't be part of the staff next season.
"He has not expressed an interest to coach," Harbaugh said. "I have asked him, but he's not interested."