Team sources told NFL Network that the Cowboys presented Prescott's agent with their first contract offer and are awaiting his counteroffer. The Cowboys did not describe the deal as "close," but did say they are "very comfortable with" Prescott as the franchise's future.
The move comes after Cowboys owner Jerry Jones told the Rich Eisen Show that Prescott is "worthy" of a long term investment.
Prescott, 25, is set to make just $2.1 million on the final year of his rookie contract in 2019. He could see a new deal in the neighborhood of $30 million, annually. If Prescott comes close to that annual number, he would become the highest-paid player in Cowboys' history.
The Mississippi State product joined the Cowboys in the fourth round of the 2016 NFL Draft. Prescott had a 32-16 record as a starter. Dallas has several other players in contract limbo over the next few seasons.
Wide receiver Amari Cooper is also entering the final year of his rookie contract. Cooper is also engaged in contract negotiations with the Cowboys. Running back Ezekiel Elliott is another Cowboys player on deck for a massive extension. Elliott will cash in for $7.9 million in 2019 before the final year of his rookie deal in 2020.
La'el Collins, Allen Hurns, Byron Jones, Robert Quinn, Jeff Heath, Jaylon Smith, Randall Cobb, Jason Witten, Sean Lee and Tavon Austin are among other Cowboys' players with contracts expiring after the 2019 season.