The Kansas City Chiefs have reached an agreement to send quarterback Alex Smith to the Washington Redskins, sources have confirmed to ESPN's Field Yates.
The deal will be made official on March 14, at the start of the NFL year.
The trade was initially announced by The Kansas City Star.
Smith and the Redskins have agreed to a contract extension for four years worth $94 million, with $70 million guaranteed, sources have told ESPN's Adam Schefter and Chris Mortensen. At least six other teams had expressed interest in Smith in recent weeks.
The compensation details that the Chiefs will receive have not been revealed, but it is expected to be a second or third-round draft selection in the 2018 NFL Draft and an unidentified player, a source said.
Smith had one year left on his contract with the Chiefs, so he is now linked to the Redskins for five seasons.
Smith secured the long-term contract with the Redskins that quarterback Kirk Cousins could not finalize in two years of negotiations.