Quarterback Alex Smith is now off the market.
A report from Fox Sports' Jay Glazer states that the 49ers have dealt Smith to the Chiefs but that the deal cannot be officially completed until March 12, when the new league year begins.
ESPN reports, according to a league source, that the Chiefs will give up their second-round pick this year and a conditional mid-round pick next year.
Smith was the first overall pick of 2005 draft, but struggled to find success in San Francisco until the 2011 season, when he led his team the NFC championship game under first-year head coach Jim Harbaugh.
The seven-year veteran was enjoying the best season of his career in 2012 before leaving a Week 10 matchup against the Rams with a concussion. Once healthy, Smith never regained the starting spot, losing the job to Colin Kaepernick, who led the 49ers to a loss in this year's Super Bowl.
The move ends prior offseason speculation that the Eagles -- whose starting quarterback situation remains unsettled between Nick Foles and Mike Vick -- might have an interest in Smith, and likely also ends Andy Reid's reported interest in acquiring Foles.