I think folding the flop is too weak against this player, but reraising seems like overkill with stacks this deep. I would probably call and hope for a safe turn card, at which point you can either lead out, or check-raise all-in, depending on how favorable it is (ideally you'd be looking for an offsuit K or a 3), and how much he bets. If a bad card falls on the turn, and he still shows strength, you're probably better off not getting involved.