Report: Prescott plans to sign franchise tag by Monday

Dallas Cowboys quarterback Dak Prescott intends to sign his $31.4-million franchise tag by Monday, sources told ESPN's Adam Schefter.

The two sides will still be able to negotiate a long-term deal until July 15.

By inking the tender, Prescott will be contractually obligated to report to training camp on time and participate in all mandatory team activities.

Dallas assigned Prescott the exclusive-rights franchise tag before free agency, which prevented any other team from negotiating with him. Most tags are of the non-exclusive variety, which allows other clubs to sign the player to an offer sheet but requires them to give up premium draft picks if the offer isn't matched.

Prescott and the Cowboys have spent over a year trying to work out a long-term agreement. Despite starting 64 games through four seasons and leading Dallas to the playoffs twice, Prescott earned just $2.72 million in his rookie contract.

The value of his tag for 2020 would rank seventh among quarterbacks in terms of average annual salary, in between Carson Wentz of the Philadelphia Eagles ($32 million) and Matt Ryan of the Atlanta Falcons ($30 million).

Prescott ranked second in passing yards (4,902), fourth in touchdown passes (30), and 10th in passer rating (99.7) last season.