The four-year pro just played out the final year of his entry-level contract.
"It's been urgent for us. We certainly want to get that done. That's our No. 1 priority as we go into the offseason - to get his contract, find some resolution to it and get it done," Cowboys chief operating officer Stephen Jones said, per Cowboys staff writer David Helman.
The two sides began discussing a second contract before the 2019 season commenced. It was reported in August that Prescott was offered a contract worth $30-million annually, but rejected it in hopes of landing one in the $40-million range.
Currently, Seattle Seahawks quarterback Russell Wilson leads the way with an annual average salary of $35 million followed by Pittsburgh Steelers pivot Ben Roethlisberger at $34 million. Green Bay Packers passer Aaron Rodgers and Los Angeles Rams quarterback Jared Goff round out the top-tier group at $33.5 million.