Prescott is playing this season on the exclusive franchise tag for $31.409 million, per Calvin Watkins of the Dallas Morning News.
The Cowboys selected Prescott in the 2016 NFL draft, and the Mississippi State product has started every game since. He's gone 40-24 as the Cowboys' signal-caller while leading Dallas to a pair of NFC East titles.
The efficient Prescott has thrown 97 touchdowns versus 36 interceptions. He's also completed 65.8 percent of his passes for 7.6 yards per attempt.
Prescott has rushed for 1,221 yards and 21 touchdowns as well.
Long-term contract negotiations between Prescott and the Cowboys have been a never-ending soap opera dating back to last year, although it seems as though both sides want to get something done to keep Prescott in town.
In mid-August, ESPN's Todd Archer reported both Cowboys executive vice president and CEO Stephen Jones and Prescott were "optimistic" something would get done.
"It's better for the Cowboys and hopefully Dak that we ultimately get something done," Jones said, per Archer.
The two sides attempted to get reach an agreement before the league's July 15 deadline for franchise-tagged players to sign long-term contracts with their teams, and Prescott got involved in the negotiations at the last minute, per Jane Slater of NFL Network.
They did not reach an agreement, but Slater reported that the two sides discussed a deal worth between $33-35 million per year with $110 million guaranteed.
There isn't much reason to believe Prescott will be anywhere but Dallas for years to come, although he'll have to wait until 2021 to sign a long-term deal.