Prescott and the Bills have been discussing a new deal that would allow the Buffalo native to remain with the team.
That deal, however, would require the Bills to give up their first-round pick in 2018.
The Bills currently hold the No. 3 overall pick in the 2018 NFL Draft.
Prescott said Monday that the two sides have agreed to a deal that will be announced “next week.”
Prescott has appeared in three Bills games since being signed in 2017.
He has caught just one pass for 12 yards in that time.