The move costs the Cowboys $10.6 million, but it is possible the sides could work out a long-term deal, according to Spencer's agent, Jordan Woy.
"We will be working on a long-term deal," Woy said. "Anthony played very well last season and he would like to know he has a home here for several years."
However, it is also possible the Cowboys could look to trade Spencer for draft picks.
Spencer had a career-high 11 sacks in 2012 and was named to the Pro Bowl as an injury replacement. Spencer led the Cowboys with 95 tackles, and his eight tackles for loss and 26 quarterback pressures were second on the team.
He reached double digits in sacks last season for the first time in his career while only playing in 14 games. He even took over the play calling later in the season due to injuries to Sean Lee and Bruce Carter.
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