Cowboys VP Stephen Jones said the deal would likely be done a few days before the deadline on May 3.
The fifth-year option for Elliot would be worth $9.1 million.
“We’ve got it budgeted that we’re going to pay Zeke a significant contract at some point,” Jones said, per Jon Machota. “We certainly saw what Gurley got paid and we know that’s probably where it starts, and we’ll go from there.”
Elliott, 23, was taken with the No. 4 overall pick by the Cowboys back in May. He signed four-year contract worth $24,956,342, which includes a signing bonus of $16,350,068.
Elliott stands to make a base salary of $3.85 million for the 2019 season. The agreement also includes a fifth-year option for the team to pick up before May 3.
In 2018, Elliott appeared in 15 games for the Cowboys and rushed for 1,434 yards on 304 carries (4.7 YPC) to go along with 77 receptions for 567 yards receiving and nine touchdowns.
We’ll have more regarding the Cowboys and Elliott as the news is available.