San Francisco 49ers quarterback Colin Kaepernick (7) stands on the sideline during the second half of an NFL football game against the Seattle Seahawks in Santa Clara, Calif., Thursday, Oct. 22, 2015. (AP Photo/Ben Margot)

SANTA CLARA (KRON) — The San Francisco 49ers have agreed to trade quarterback Colin Kaepernick to the Denver Broncos, according to multiple reports.

ESPN’s NFL Insider Adam Schefter is reporting that while the two teams have reached a deal, Kaepernick would have to still rework his contract with Broncos GM John Elway.

The 49ers would receive a mid-round draft pick if a deal between the Broncos and Kaepernick is reached, Schefter says.

Denver wants the 28-year-old QB to take a $4 million pay cut from his hefty $11.9 million base salary for 2016.

Kap reportedly met with Elway twice in the last two weeks. Kaepernick has been in Vail rehabilitating from surgeries on his right thumb, his left knee, and on his non-throwing left shoulder to repair a torn labrum, according to a KUSA-TV report.

The 2016 Super Bowl champs are scrambling for a new quarterback following the retirement of Peyton Manning and backup Brock Osweiler’s departure to Houston in free agency. Denver had been considered a front-runner to land a trade for Kaepernick, and a deal this weekend would put him in Denver before the 49ers begin their offseason conditioning program on Monday.

For Kaepernick, a move to the Rockies would also give him a possible starting spot and a much needed fresh start with a new team. He lost his job last fall to 2011 first-round pick Blaine Gabbert.

Gabbert took over in November for the benched Kaepernick, who completed just 59 percent of his passes with six touchdowns, five interceptions and a 78.5 rating before losing his job.

Kaepernick went 2-6 in eight starts last season before being benched, raising questions whether the quarterback who guided the 49ers to a runner-up Super Bowl finish following the 2012 season was still the best option under center.

New coach Chip Kelly said two weeks ago he had spoken recently to Kaepernick and was hopeful the mobile quarterback would still be on San Francisco’s roster when the offseason program begins this coming Monday. It’s unclear whether Kaepernick will be in attendance on Day 1 – and the offseason program isn’t required.

The Associated Press contributed to this report.