The deal likely would involve a trade between the Broncos and Eagles rather than waiting for Philadelphia to cut Owens, who has been suspended since November for clashes with Coach Andy Reid and Eagles teammates.
Owens and his agent, Drew Rosenhaus, met with Denver officials Monday in a get-to-know-you session that could presage one of the biggest acquisitions in Broncos history, unidentified sources said.
Owens led the Eagles to last year's Super Bowl.
NFL sources told the newspaper that the Broncos also may consider dealing for Miami running back Ricky Williams, whose price may be high.
It was considered unlikely that Denver would acquire both Owens and Williams.