UPDATED 08/12/19 5:20 p.m. ET:

According to NFL Network reporter Jane Slater, Prescott indeed turned down an extension worth $30 million per year. Slater adds that the two-time Pro Bowler is currently looking for a deal worth $40 million per year:

Slater also professed her belief that Prescott's lofty asking price is a negotiating tactic, though she doesn't believe he'll give the Cowboys a "hometown discount":

USA Today Sports' Jori Epstein adds that "a source familar with negotiations" called that $40 million asking price "false":

If Prescott were to somehow get $40 million that would make him the highest paid QB in the NFL, with an annual salary roughly $5 million higher than the current man with that title, Russell Wilson.

See original story below.

Dak Prescott rejected a contract extension offer from the Dallas Cowboys that would have netted him "in the 30 million per year range," according to Michael Lombardi of The Athletic.

At $30 million per year, Prescott would be tied with Atlanta Falcons quarterback Matt Ryan as the sixth-highest annual salary among the players at the position. Russell Wilson has the highest average salary in the league at $35 million. 

The Cowboys are currently looking to extend Prescott while also working on a new deal for their star wide receiver Amari Cooper, who is entering the final season in his four-year, $22.6 million rookie contract that he signed with the Oakland Raiders. Dallas is already trying to come to terms on an extension for their disgruntled star running back Ezekiel Elliott, who has threatened to sit out the upcoming season if he doesn't get a new contract. 

Since Lomardi's tweet doesn't have much context, it's possible that Prescott's issue with the Cowboys' latest offer may have nothing to do with the annual salary and more to do with the guaranteed money attached to the proposed deal.

Within the last two years, Wilson, Ryan, Carson Wentz, and Aaron Rodgers have signed extensions that came with guarantees upwards of $98 million. Prescott may be looking for a deal that reflects this new benchmark in guaranteed money for starting quarterbacks.

Prescott is in the final year of his four-year, $2.7 million rookie contract.