Prescott was hit with the exclusive tender, which means he can't negotiate with another team. If the two parties don't agree to a long-term extension by July 15, the signal-caller will earn $33 million on the one-year deal.
The 26-year-old reportedly turned down a new contract worth $33 million per season with $105 million guaranteed in early March.
Prescott is looking for his first career extension after earning $4.03 million over four years on his rookie deal. In 2019, the passer produced career highs in yards (4,902) and touchdowns (30).