Report: Chiefs agree to trade Alex Smith to Redskins

The Kansas City Chiefs have agreed to trade quarterback Alex Smith to the Washington Redskins, sources told Terez A. Paylor of The Kansas City Star.

The Chiefs will receive a 2018 third-round draft pick and cornerback Kendall Fuller, a source told Field Yates and Adam Schefter of ESPN. The trade cannot be completed until the first day of the new league year on March 14.

Fuller initially denied he was the other player involved in the trade, before acknowledging his mistake with a comical GIF on Twitter.

Schefter confirmed the slot corner was part of the move, reporting that the Chiefs "view Fuller as a bonafide starter," which helped make the trade possible.

The Redskins will lock up Smith immediately, as the two parties reportedly agreed on a new four-year contract extension.

The blockbuster move likely signals the end of Kirk Cousins' time in Washington. Cousins has played under the franchise tag the last two seasons, and Washington either has to hit him again with a $34-million tag or let him walk in free agency.

The Chiefs will move forward with 2017 first-rounder Patrick Mahomes under center and save $17 million by trading Smith.

Smith had an MVP-type season, throwing for a career-high 4,042 yards and 26 touchdowns against just five interceptions.

However, another high-profile early playoff exit, coupled with the presence of Mahomes, meant his five-year stint in K.C. was likely to come to an end.