Newton, 24, is due to make $3.378 million in 2014. Players drafted in 2011 are eligible to negotiate new contracts entering their fourth season.
Newton was on the "Dan Patrick Show" and said his focus was on becoming a better player and leading the team to the Super Bowl.
"Russell Wilson put a lot of pressure on young quarterbacks," Newton said, via Pro Football Talk. "But needless to say, we don't have that fallback answer no more. We're no longer young quarterbacks.BURKE: Eight in the Box: Franchise tag candidates
"Going into my fourth year, I want to make that leap, make that stride to be a marquee quarterback in this league. I'm not worried about contract discussions right now. My main focus is just becoming the better player I can become."