The Dallas Cowboys have signed franchise quarterback Dak Prescott to a four-year deal reportedly worth up to $160million.

Dallas announced the deal on Monday, a day before Tuesday's deadline to place the franchise tag on impending free agents. The Cowboys tagged Prescott last offseason.

Prescott will receive $126million guaranteed, according to multiple reports, in a deal that contains a no-trade clause.

The agreement brings to an end one of the longest-running quarterback contract sagas in the league.

Having failed to come to a resolution on a contract last offseason, Prescott earned $31.4m on the franchise tag.

However, he suffered a devastating compound fracture of his right ankle in the Cowboys' Week 5 win over the New York Giants in October.

Despite that injury, the Cowboys have finally chosen to pay one of the better quarterbacks in the NFL, with the former fourth-round pick having more than justified his new contract.

Since taking the starting role as a rookie in 2016 from an injured Tony Romo, Prescott has thrown for 17,634 yards with 106 touchdowns and 40 interceptions.

He has also rushed for 1,314 yards and a further 24 touchdowns.

Though he missed most of last season, Prescott is 10th among qualifying quarterbacks in yards per attempt (7.69) and 12th in passing plays of 25 yards or more since 2016.

The Cowboys will hold a media conference on Wednesday.