League sources told the NFL Network and the Dallas Morning News on Tuesday the Cowboys presented a contract offer to Elliott, along with quarterback Dak Prescott and wide receiver Amari Cooper, that would put each player in the top five in salary among their respective positions.
The Cowboys are waiting on counteroffers from the players to get deals finalized, according to the Dallas Morning News. If the sides can't agree on contracts, the Cowboys are prepared to play this season with each player on a prove-it deal, according to NFL Media.
In Elliott's case, the Pro Bowl tailback could continue his holdout into the regular season. According to ESPN, he won't play in the 2019-20 campaign without a new contract.
Elliott told the Cowboys in January that he wouldn't play this year without a new deal, according to ESPN. Despite the possibility of sitting out this year, it remains unlikely the tailback's holdout runs into the regular season due to Dallas owner Jerry Jones' hopes of finding an agreement before Week 1.
"Just know that like so many things, it'll happen. It'll happen," Jones told reporters. "There literally is no concern on my part at all about any time frame. That'll happen. The results are too good for them and too good for the Cowboys."
Jones said the franchise was "generous" with its offer to Elliott, and he mentioned New York Jets running back Le'Veon Bell's deal, which averages $13.5 million, when discussing the team's price point for Elliott.
Elliott, who is away from the team, is subject to a $40,000 fine for each day of training camp he misses. He is under contract through 2020 and is scheduled to earn about $3.9 million this season and $9.09 million next year.