Therefore, the Cowboys are likely to use the exclusive franchise tag on the signal-caller, per NFL Network's Ian Rapoport on Sunday.
"It seems unlikely that Dak Prescott is going to get that long-term deal he desires before the franchise tag deadline.
"... It sounds like the Cowboys will use the franchise tag tomorrow rather than today just to give it as much time as possible. It's going to be the exclusive tag, little more expensive for the cowboys, but it allows them to keep hold of Dak Prescott and make sure that he doesn't talk to anyone else, no one can sign him to any sort of offer sheet even for the price of two first-round picks."
Prescott, 26, tossed 30 touchdown passes and completed 65.1 percent of his attempts for 4,902 yards last season. The four-year veteran out of Mississippi State has led Dallas to a 40-24 regular-season record and two postseason appearances since entering the league in 2016.
The quarterback's four-year rookie deal is set to expire when the new league year begins Wednesday at 4 p.m. ET.
Signs have pointed to Prescott playing on a franchise tag in 2020 for months.
ESPN's Adam Schefter reported on Feb. 2 that the Cowboys were expected to use the tag.
Cowboys executive vice president Stephen Jones said on Feb. 24 that Dallas hadn't met with Prescott's agent Todd France since September, per Michael Gehlken of the Dallas Morning News.
And Jenna Laine of ESPN also reported on March 2 that Prescott was expected to receive the tag.
The Rapoport report is just the latest evidence that Prescott won't be signed to a long-term deal in Dallas prior to Monday, although any player on a tag may sign a long-term deal with his team until a league-imposed July 15 deadline.