Sources informed NFL Network and ESPN of the move on Monday. The 49ers acquired quarterback Jimmy Garoppolo in a trade on Monday with the New England Patriots. San Francisco acquired Garoppolo in exchange for a second round pick in the 2018 NFL Draft.
A source told NFL Network that Hoyer was originally involved in trade talks between the 49ers and Patriots but was later taken out of the discussion.
"We are thrilled for Jimmy to join the 49ers family," 49ers general manager John Lynch said in a statement on Monday. "Jimmy is a player we have researched extensively since Kyle and I joined the 49ers. I am extremely pleased this came together today and we all think it is a big win for our organization."
"Albeit in limited game action, Jimmy has displayed the characteristics and traits that we believe are vital to being a successful quarterback in this league. He has had the rare opportunity to sit and learn from a future Hall of Fame quarterback in a championship atmosphere. We look forward to Jimmy joining the team tomorrow and hitting the ground running."
Hoyer, 32, has completed 119-of-2015 passes for 1,245 yards, four touchdowns and four interceptions in six starts this season. He owns a 74.1 quarterback rating. The nine-year NFL veteran completed 67 percent of his passes in 2016 for 1,445 yards, six scores and zero interceptions in six games for the Chicago Bears. The former Patriots backup has also had stops with the Arizona Cardinals, Cleveland Browns and Houston Texans.