The report says Dallas has approached Romo regarding an extension, but the talks are in an early gestation phase.
Romo's current contract expires after the 2013 season, and the team would have to fork over $16 million next season as the 32-year-old's salary cap hold will double.
The news comes after Romo and Cowboys beat the defending Super Bowl champion New York Giants in Week 1. Romo went 22-for-29 for 307 yards and three touchdowns in Dallas's 24-17 win.
The Eastern Illinois product has played for the Cowboys his entire NFL career. He entered the league in 2003 as an undrafted free agent, but didn't make his first career start until 2006.
Dallas signed Romo to a six-year $67.4 million contract in 2007.
For his career, Romo has 21,141 passing yards and 152 touchdowns along with a 97.3 passer rating, and was a Pro Bowl selection three times.