League sources told ESPN and NFL Media on Sunday that Prescott is expected to sign the $31.4 million franchise tag by Monday. The two sides still have until July 15 to reach an agreement on a long-term deal.
The Cowboys placed the franchise tag on Prescott on March 18.
By signing the tender, Prescott will be required to report to training camp on time, even if the two parties can't agree on a long-term pact. According to ESPN, the two-time Pro Bowl quarterback's decision to sign the tag isn't an indication that an agreement is close.
The Cowboys selected Prescott in the fourth round of the 2016 NFL Draft out of Mississippi State. He played out his rookie contract last season and hasn't missed a game since entering the league, making 64 starts in a row.
Prescott set career highs in passing yards (4,902) and touchdowns (30) last season. Despite his career marks, he had his worst record as a starter (8-8) and the Cowboys missed the playoffs.
In his four seasons, Prescott ranks among the top five quarterbacks in wins (40), passing touchdowns (97), rushing scores (21) and total QBR (68).