The Australian's current contract is due to expire at the end of next season and Red Bull are keen to tie him down to a new deal.
Ricciardo has previously stressed his preference would be to remain with Red Bull but he is motivated by a desire to claim the title.
The team have been unable to provide Ricciardo with a car capable of mounting a serious challenge for the Drivers' Championship since he made the step up from sister-team Toro Rosso in 2014, and the 28-year-old has indicated he is prepared to wait until the 2018 campaign has begun before he decides whether or not to put pen to paper on an extension.
Writing in his driver column on Red Bull's website, Ricciardo said: "So where do things stand? The short answer is that there's absolutely no rush, and things can take as long as they take - I'm not setting a deadline for anyone else's sake, or just to get it done for me.
"I'm not just going to settle on something because I want it to be off my mind, because there's a lot at stake. It's a big decision for me, so if I need to take time to make it, I will.
"I'm planning on being in the sport for a long while yet, but in saying that, if I was to sign, say, a three-year deal, that's a big chunk of the next part of my career.
"I need to get it right, so it's a big call - the most important one for me yet, I think. I'll take as much time as I need to. It's not going to be a distraction."
He added: "I know what I want, and the performance side is more important than ticking the money box, if you like.
"Having the chance to be able to fight for something really meaningful - races, championships - that's the absolute priority. It's not even close."