Reed Hoffmann/Associated Press

The Washington Redskins have their franchise quarterback.

According to ESPN's Adam Schefter, the Redskins and Alex Smith negotiated a four-year contract extension Tuesday shortly after the Kansas City Chiefs agreed to ship the seasoned signal-caller to the nation's capital.

NFL Network's Ian Rapoport reported Smith's extension is worth $94 million, including $71 million guaranteed.

Smith, who had one year remaining on his previous deal, is now locked up for the next five seasons.

The Chiefs will receive a 2018 third-round pick and a player who will be named Wednesday in exchange for Smith, per Rapoport. According to ESPN's Field Yates, that player is cornerback Kendall Fuller.

The trade, while agreed upon, cannot be made official until the NFL's new league year begins March 14.

The Kansas City Star's Terez A. Paylor first reported the Chiefs and Redskins had struck a deal.

With that move in motion, the Redskins will likely let Kirk Cousins—who played the last two seasons under the franchise tag—pursue other opportunities in free agency.

Smith, meanwhile, will try to build on his most efficient season to date when he arrives in D.C.

During his final year in Kansas City, the 33-year-old completed 67.5 percent of his passes for 4,042 yards and a career-high 26 touchdowns while posting a league-leading 104.7 quarterback rating en route to his third Pro Bowl nod.