Reports by ESPN, NFL.com and Fox Sports say the 49ers will receive draft picks, but apparently not the Chiefs' No. 1 overall selection in the upcoming NFL draft, in exchange for Smith. None of the reports named their sources, however.
The trade can't be formalized until the NFL year begins March 12.
Smith was the No. 1 overall choice in the 2005 draft but lost his starting position to Colin Kaepernick last season after suffering a concussion Nov. 11. With Kaepernick at quarterback, the 49ers advanced to the Super Bowl where they lost 34-31 to the Baltimore Ravens.
Smith, who turns 29 in May, completed 70.2 percent of his passes last season for 1,737 yards and 13 touchdowns. He was intercepted five times. Over his 80-game NFL career, Smith is 1,290-for-2,177 (59.3 percent) for 14,280 yards and 81 touchdowns with 63 interceptions.