"Obviously, we're gonna do it," Cowboys executive vice president Stephen Jones said Wednesday, according to Jon Machota of the Dallas Morning News.
The fourth overall pick of 2016, Elliott will be under contract through the 2020 season with the fifth-year option exercised.
There was little doubt that Dallas would pick up the option, given Elliott's status as one of the NFL's top running backs. Through his first three seasons, he has already led the league in rushing twice while earning two Pro Bowl selections. He was also named a first-team All-Pro in 2016.
And he's only 23.
Elliott is coming off a season in which he ran for 1,434 yards and six touchdowns, hauling in 77 receptions for 567 yards and three receiving touchdowns as well. He has led the league in rushing yards per game in each of his first three seasons.
His ability to be a workhorse, catch passes out of the backfield and pass block has made him an instrumental part of the team's success.
Dallas was coming off a 4-12 season prior to Elliott's arrival. The Cowboys have gone 32-16 in the three seasons since he was drafted, winning the NFC East twice during that span. This past season featured the franchise's first postseason victory since January 2015 and just its second since 2010.
It's not clear if Elliott will play out his rookie contract or if he will receive a reworked deal prior to next season. For now, the fifth-year option allows the Cowboys to prioritize more players who are closer to hitting the market. The team has already signed defensive end Demarcus Lawrence to a five-year, $105 million extension this offseason. Next in line are likely quarterback Dak Prescott and receiver Amari Cooper, both of whom are scheduled to be free agents after the 2019 campaign.
Jones revealed on 105.3 The Fan (h/t Pro Football Talk's Charean Williams) on Tuesday that the team has had "pretty active discussions" with both Prescott and Cooper this offseason.
It figures only to be a matter of time, though, before Elliott gets paid.