Sources told ESPN's Adam Schefter that Fox Sports would like Romo to be an analyst, replacing John Lynch, who left to become the San Francisco 49ers' general manager in late January.
The news comes after the Cowboys opted not to release Romo on Thursday, the first day of the league year, and will look to potentially trade him.
Retirement has always been among Romo's options. He turns 37 next month and has battled through a number of injuries, including collarbone and back ailments that have limited him to parts of five games the past two seasons.
Romo has met twice with owner and general manager Jerry Jones this offseason, including earlier this week when the quarterback's release looked imminent. Reports out of Houston and Denver have suggested the Texans and Broncos would be interested in Romo but only as a free agent, not in a trade.
The Cowboys' franchise leader in passing yards and touchdown passes, Romo played only one series in the 2016 season, directing Dallas on a second-quarter touchdown drive in the Week 17 finale against the Philadelphia Eagles. He suffered a compression fracture in his back in a preseason game against the Seattle Seahawks, which pressed Dak Prescott into the starter's role. Prescott played so well with the Cowboys losing only one of their first 12 games that by the time Romo was ready to resume his spot, the coaches opted to stick with the rookie.
At the time, Romo delivered a poignant speech in which he said Prescott had earned the right to be the Cowboys' starter. He also said he had a desire to still play.
That might still be an option, but there could be off-field options that would allow Romo to walk away from the game.