Veteran Romo, 34, starred as the Cowboys clinched the National Football Conference (NFC) East title with a 42-7 demolition of the Indianapolis Colts on Sunday.
Romo completed 18 of 20 passes for 218 yards and four touchdowns for the Cowboys (11-3) at AT T Stadium in Arlington, Texas.
The Cowboys have not boasted an MVP winner on their roster since 1993, when Emmitt Smith claimed the top honour en route to Dallas winning Super Bowl XXVIII.
But that drought could be over thanks to Romo, who leads the NFL's quarterbacks in completion percentage (70.3), yards per attempt (8.49) and passer rating (114.4).
Romo has also thrown for 3,406 yards and 32 touchdowns this season.
"He certainly is in my book [a contender]," Cowboys owner and general manager Jerry Jones said Sunday.
"He is for me. Yes, he is, because [DeMarco] Murray has certainly carried his share but Tony's quarterbacking this year was indispensable.
"We couldn't have had the team, and we have a team that probably right now is in the top four or five teams in the league. That's pretty good qualification of the vote."