According to multiple reports, the Cowboys are signing their franchise quarterback to a four-year, $160 million deal, which includes $126 million guaranteed.
The first three years of the contract will reportedly average $42 million per year.
The deal also includes a no-trade and no-tag clause, ESPN reported, citing sources.
It has been a long-time coming for Prescott and the Cowboys. Last season, Dallas placed the franchise tag on Prescott after they were unable to agree to a contract.
Prescott, who earned $31.4 million last year, suffered a season-ending compound fracture and dislocation of his right ankle injury in Week 5 against the New York Giants.
Prior to his injury, Prescott was on pace to have an unbelievable statistical year. In those five games, he threw for 1,856 yards with nine touchdowns and four interceptions. Prescott also had three rushing touchdowns.
A fourth-round pick in the 2016 NFL Draft, Prescott has led the Cowboys to a 42-27 record since taking over as starter. He has 17,364 career passing yards, 106 touchdown passes, and 40 interceptions.
Now that a deal is in place for Prescott, the Cowboys can turn their attention to other team needs. Dallas has missed the playoffs in three out of the last four seasons, and it will look to bounce back after a tough season in 2020.