On the same day that the Dallas Cowboys learned that they are close to securing the services of cornerback Pacman Jones for 2008, they’ve reached an agreement on a three-year contract extension with receiver Terrell Owens.

Michael Smith of ESPN broke the story (it’s on the ESPN crawl, but not yet on the web site).  We’re breaking the value of the contract; a league source tells us that the deal carries with it $27 million in new money.

[UPDATE:  The ESPN story is right here.  They beat us by two minutes.  Newman!]

Owens, we’re told, will receive a signing bonus of nearly $13 million.  In all, he’s under contract for four years, and he’ll earn $34 million.

The agreement has been reached verbally, and the deal is expected to be signed tomorrow.  A press conference is planned for Tuesday as well.