The quarterback is heading into the final year of his current deal with the side, having played for the Cowboys since 2003.
The team's executive vice president Stephen Jones told ESPN: "Tony is a key piece of what we're about going forward. We're certainly going to be looking at his situation [in] time.
"We've historically [extended contracts] with quarterbacks for the Dallas Cowboys ahead of time. We did it with Troy [Aikman] and we certainly want to look at that with Tony so we can all move forward in terms of how we want to play around our salary cap with our team.
"I don't think we've ever felt pressed with Tony. He's been a great partner. As I said, your quarterback, even when you have a good one and we're certainly lucky to have one of the best, is going to represent a good piece of your salary cap. How you manage that is important. He understands that and we do, too."
Romo passed for 4,903 yards in the 2012 season.