Cowboys veterans are slated to report for camp July 25, so the team doesn't have long to potentially come to terms with its star rusher.
Dallas has been focusing on locking up other cornerstone players this offseason. Defensive end Demarcus Lawrence received a five-year, $105-million contract after initially being franchise-tagged, and quarterback Dak Prescott and receiver Amari Cooper - both free agents after this season - are next in line for new deals.
Elliott has a base salary of $3.85 million in 2019 and is slated to earn $9.1 million in 2020 under the fifth-year option of his rookie contract, according to Spotrac.
The former No. 4 pick has led the league in rushing twice (2016, 2018) since being drafted three seasons ago. He ran for 983 yards in 2017 after being suspended for the first six games of the campaign for violating the NFL's personal conduct policy.
Dallas is projected to have the third-most cap space in 2020, per Over The Cap. However, that's not counting the presumed salaries of Prescott, Cooper, and Pro Bowl cornerback Byron Jones, who's also set to hit the open market next offseason.