The Kansas City Chiefs have reportedly agreed to a trade that would net them San Francisco 49ers backup quarterback Alex Smith.

Fox Sports' Jay Glazer initially broke the story:

Deal has been agreed upon between Chiefs and 49ers. Compensation unclear but I'm told again Chiefs have made a clear commitment to Smith.

— Jay Glazer (@JayGlazer) February 27, 2013

Ian Rapoport of NFL Network confirmed the news on Wednesday, citing a source with knowledge of the situation:

Source confirms @jayglazer report of Alex Smith-Chiefs trade: "He's going to be a Chief." Source says it's for at least a 2nd rounder.

— Ian Rapoport (@RapSheet) February 27, 2013

San Jose Mercury News columnist Tim Kawakami provided more details on the deal, which comes at a relatively steep cost for Kansas City:

An NFL source says that the framework of the deal is that the 49ers will get a No. 2 pick this year and a similar pick in the 2014 draft.

— Tim Kawakami (@timkawakami) February 27, 2013

Kawakami then clarified that San Francisco will get the Chiefs' second-round pick plus a high selection in 2014, which is reportedly a third-round pick with the possibility of moving into the second round.

The new Chiefs regime now won't have to toy with the possibility of choosing a quarterback with the No. 1 overall pick in April's draft. It is perceived as a weak crop of 2013 QBs, and Smith emerged as the best option available for Kansas City. 

After resurrecting his career and shedding the "bust" label as the No. 1 overall pick in the 2005 draft, Smith was benched during the 2012 regular season in favor of the more athletic and explosive Colin Kaepernick.

Smith will get his opportunity for a fresh start in KC. Head coach Andy Reid will be installing his historically successful version of the West Coast offense, too.

That fits Smith well since he thrived in a similar system during his final two years in San Francisco.

This move, which can't be finalized until the 2013 season officially begins on March 12, is a significant development for the Chiefs. The team struggled to a 2-14 campaign last year and averaged 170 passing yards per game, the worst mark in the league. The combination of Matt Cassel and Brady Quinn simply didn't work.

Star wide receiver Dwayne Bowe may stick around now that a proven, playoff-winning quarterback is in the fold. Also at Smith's disposal will be an outstanding running game led by Jamaal Charles.

An effective running game should enable Smith to continue playing the extremely efficient football that has characterized his NFL renaissance.