The Dallas Cowboys are reportedly closing in on a contract extension for superstar quarterback Dak Prescott. With the Cowboys on the clock as they hope to beat the franchise-tag deadline on March 9, Prescott could be in line to a massive new deal.

This report comes via Todd Archer of ESPN:

Starting Tuesday, the Cowboys can put the franchise tag on Dak Prescott at a cost of $37.7 million, but that will not happen until March 9, the tag deadline. Between Tuesday and March 9, the Cowboys hope to work out a long-term deal with Prescott. There have been discussions – if not actual negotiations – with Prescott's rep.

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The most important thing to note is that the Cowboys are now looking to save as much money as they can here. Prescott, who pocketed $31.4 million in an injury-plagued 2020 season under the team's franchise tag, will be in line for a 20-percent increase in his salary for 2021 should Dallas decide to put the franchise tag on him again this year (h/t Mike Florio of NBC Sports). With the salary cap expected to significantly decrease this coming season, Prescott's potential earning of $37.7 million (under the franchise tag) will take up a huge chunk of the team's total cap room.

The Cowboys showed their loyalty to Prescott last year in spite of the fact that the 27-year-old suffered a season-ending injury just four games into the campaign. Dallas is now hoping that he repays their trust in him by agreeing to a new deal that will be amenable for both parties. Whatever the case may be, though, Prescott is still going to be pocketing a boatload of cash this year (and beyond).