On Tuesday, Cowboys executive vice president Stephen Jones said that he wouldn’t rule out the possibility of the team slapping the franchise tag on one of it impending free agents. The only player who would be worthy of that designation is Anthony Spencer, the outside linebacker who played under the $8.8 million label last season.

This season, applying the franchise tag to Spencer would cost $10.6 million. But Spencer would prefer to negotiate a long-term contract with the Cowboys rather than be forced to play on a one-year deal again.

The Cowboys, of course, may not be able to afford to hand out a franchise designation given the fact they are roughly $20 million over the cap. A multi-year agreement would likely be more appealing for both sides and Spencer’s agent, Jordan Woy, will meet with the Cowboys in Indianapolis, according to a source.

Spencer finds himself in a good position. He made his first Pro Bowl in 2012 after leading the team in tackles with 95 and recording 11 sacks, a career-high total.

“Anthony Spencer represents everything we want to be about” Cowboys executive vice president Stephen Jones said last week. “He plays hard. His leadership is tremendous. And then on top of that, he’s a great football player. He obviously got to play in the Pro Bowl this year. Well-deserved. I think he had his most productive year since he’s been in the NFL and been a Cowboy. All that speaks well for Anthony and we certainly are in the business of keeping good football player.”