The Dallas Cowboys have exercised the fifth-year option on Tyron Smith’s contract, according to a source, keeping the 2011 first-round pick with the team at least through 2015.

The option will pay Smith more than $10 million and is presently guaranteed for injury, but it does not preclude the Cowboys and Smith working out a multi-year deal before it is fully guaranteed by the first day of the league year in 2015.

The Cowboys took Smith with the ninth pick in the 2011 draft, and he has missed just one game in three seasons. He played right tackle as a rookie before moving to left tackle in his second year. He earned his first Pro Bowl appearance last season.

Under terms of the collective bargaining agreement, the Cowboys have to pay Smith the transition tag money due to offensive linemen in 2014 ($10.039 million) because he was a top-10 pick. The Cowboys had to pick up the option by May 3 or Smith would have become an unrestricted free agent after the season.

Smith, who does not turn 24 until December, is considered one of the best offensive linemen in the game. The Cowboys want to sign Smith to a long-term deal and have made him a priority as well as wide receiver Dez Bryant, whose contract expires after the 2014 season.