Sources told NFL Network that the team has opened negotiations with Elliott's representatives. The talks have left both parties feeling in agreement that the new contract will likely make Elliott the highest-paid running back in NFL history.
Elliott has led the league in rushing in two of his three seasons in the league. The 23-year-old running back is set to make $7.9 million this season. The Cowboys picked up his $9 million option for 2020 in April.
Elliott had a career-high 381 touches and 2,001 yards from scrimmage in 2018. He also had a league-best 304 carries for 1,434 yards and six rushing scores in 15 starts last season. Elliott had a career-high 77 catches for 567 yards and three scores in 2018.
Los Angeles Rams star Todd Gurley is the highest-paid running back in the NFL after signing a four-year, $57.5 million contract extension in July. New York Giants running back Saquon Barkley has the most guaranteed cash at the position, with $31.1 million coming on his rookie deal.
Elliott is likely looking at a deal eclipsing $15 million annually and approaching or surpassing Barkley's $31 million guaranteed.