Recent reports have suggested that the Cowboys are open to the idea of extending running back DeMarco Murray‘s contract during the 2014 season, and in fact have begun negotiating a potential deal with his representatives. However, according to Ed Werder of ESPN.com (Twitter link), the sense is that an in-season extension for Murray is unlikely, since the league’s leading rusher has too much leverage for the sort of team-friendly deal the Cowboys would be seeking.

It’s not hard to see why Murray’s leverage has increased significantly over the last two months. The 26-year-old has piled up 913 rushing yards during the season’s first seven weeks, surpassing the 100-yard barrier in each of Dallas’ first seven contests and averaging a touchdown per game. His current pace has him on track for 2,087 rushing yards, which would be one of the best seasons for a back in NFL history, particularly during an era when the game is more pass-heavy than ever.

Of course, in addition to leading the league in rushing yardage, Murray has also racked up the most carries by a wide margin, and there should be some concern about his long-term durability if he keeps getting the ball at this rate. He’s presently on pace for 427 carries, which would be an NFL record and is virtually unheard of for a modern-day running back. In 2013, LeSean McCoy and Marshawn Lynch were the only backs to crack 300 attempts, with McCoy leading the way at 314.

Considering Murray has had some health problems throughout his rookie contract, having never played more than 14 games in a season, it makes sense that the Cowboys would be wary of making a huge offer at this point. If Murray isn’t willing to accept a more team-friendly contract, which he probably shouldn’t, then it seems reasonable for the two sides to postpone serious negotiations until after the season. Assuming Murray continues on his MVP-caliber pace, he won’t come cheaply for Dallas at that point, but at least the team would know with more certainty what sort of state he’d be in for the 2015 season.

The Cowboys have jumped out to a 3-1 start thanks in large part to the success of DeMarco Murray, and according to Ian Rapoport of NFL.com (Twitter link), Dallas has engaged in preliminary extension talks with the fourth-year running back, offering him a four-year deal. Per Mike Florio of Pro Football Talk, the negotiations are in the infancy stages, and no agreement is imminent.

Rapoport reports that the four-year offer is worth more than any contract signed by a free agent running back during the offseason. Whether Rapoport is referring to total value, guaranteed money, or per-year salary is unclear, but in any regard, it doesn’t mean much, as RB deals were significantly depressed during the free agency period. Donald Brown inked the top running back pact in terms of total worth ($10MM), Toby Gerhart garnered the most guarantees ($3.5MM), and Chris Johnson netted the largest AAV, at $4MM. Given Murray’s age, talent level, and current production, he would certainly top all three of of those figures should he sign an extension.

Murray, 26, was a third-round draft pick out of Oklahoma in 2011. After dealing with injuries for much of his first two years in the league, he managed to stay healthy for 14 games in 2013, totaling 1,191 yards on the ground and nine touchdowns; he added 53 receptions for 350 yards. So far this season, Murray leads the league 534 rushing yards, averaging 5.4 yards per carry. He is first among running backs in both DVOA and DYAR, and is second only to Ahmad Bradshaw according to Pro Football Focus’ grades (subscription required).

Murray’s 2014 production surely warrants some sort of fresh contract, but there are several factors that could make the Cowboys wary of handing him an exorbitant salary. First, RBs simply aren’t earning the type of cash they used to, no matter their talent. Second, Murray has a lengthy injury history; he’s on pace for nearly 400 carries this season, a figure that could give Dallas pause. Finally, the Cowboys have assembled one of the finest offensive lines in the NFL, which could lead them to wonder if any runner with a modicum of ability could be successful behind their front five.

Playing under the final year of his rookie contract, Murray is earning $1.406MM in base salary this season. It’s hard to imagine Murray settling for a contract worth less than Matt Forte‘s four-year, $30.4MM ($13.8MM guaranteed) extension. Forte was the same age as Murray at the time, and had accrued similar statistics; given that that deal was signed more than two years ago, Murray could conceivably ask for even more. Regardless, it seems likely a new pact would place Murray among the top-five RBs in terms of total value, guarantees, and AAV.

Of course, if an extension is not agreed to, the Cowboys could slap Murray with the franchise tag. In 2014, the running back franchise tag figure was $9.54MM. Dallas could also choose to let Murray hit free agency, where he would top a FA RB class that includes Frank Gore, C.J. Spiller, Ryan Mathews, Mark Ingram, Shane Vereen, and Stevan Ridley. That’s quite a few talented players, and even though running backs are earning a pittance compared to other positions, teams might refuse to offer Murray much cash with so many other options available. Combine that fact with Murray’s injury history, and it might behoove him to accept the Cowboys offer.

Nothing is imminent, and it’s not clear if negotiations are even underway, but the Cowboys would be open to working out an in-season contract extension with DeMarco Murray, says Ed Werder of ESPN.com (via Twitter). While talks may not get serious until after the season, a deal could be completed earlier than that if the two sides can agree on fair value for the NFL’s current leading rusher.

Murray, 26, is off to his most impressive start yet, leading the league in rushing yards (534), rushing touchdowns (five), and yards from scrimmage (602) through the Cowboys’ first four games. Even if he doesn’t keep up his 2,000-yard pace, the former third-round pick is on track to have another big year after setting career-highs in rushing yards (1,121) and touchdowns (10) en route to a Pro Bowl nod last season.

2014 is the final year of Murray’s rookie deal, and it’ll be interesting to see how he and the Cowboys assess his value. Although running back contracts have been on the decline as of late, no player of Murray’s caliber was available on the free agent market this past offseason. Murray won’t land a massive deal like those once signed by Adrian Peterson and Chris Johnson, but he could sign the sort of pact that would help rebuild the position’s value. A salary in the range of $7-8MM per year seems about right to me.

As the Cowboys decide whether to work on an extension for Murray sooner rather than later, the team will have to maintain flexibility to lock up another one of its offensive weapons — Dez Bryant is also eligible for free agency after the 2014 season.