Sensabaugh, who has signed one-year contracts with the Cowboys over the last three seasons, will get $8 million guaranteed, including a $4 million signing bonus.
"I'm at that stage,"Sensabaugh said Friday about the prospect of a new deal. "We'll figure something out."
Sensabaugh joined the Cowboys as a free agent in 2009 after playing four seasons in Jacksonville, signing a one-year deal worth $1.75 million. In 2010, Sensabaugh signed a second-round tender offer for $1.82 million.
This summer, Sensabaugh was seeking a long-term deal from several teams, but settled on a one-year deal with the Cowboys for $2.5 million when the lockout ended.
Sensabaugh is third on the team with two interceptions, fifth with four pass breakups and second with 60 tackles in 2011.
Calvin Watkins covers the Cowboys for ESPNDallas.com.