Meanwhile, ESPN's Adam Schefter noted the modest terms of the deal:
McCoy, 25, will be entering his fourth NFL season, presumably as the backup to 49ers starting quarterback Colin Kaepernick.
Drafted out of the University of Texas in the third round of the 2010 draft by the Cleveland Browns, McCoy has played in 24 games in three professional seasons, starting in 21 of them. In that time, he has completed 58.3 percent of his passes for 4,388 yards, 21 touchdowns and 20 interceptions.
The Browns took McCoy hoping he could be the future of their franchise, but after he failed to make strides in his development, the franchise decided to move in another direction.
Last year, Cleveland selected Oklahoma State quarterback Brandon Weeden in the first round, and he immediately took the starting job. This offseason, the Browns also added veteran quarterback Jason Campbell to the fold.
With Campbell and Weeden presumably battling for the starting spot, there was little need for McCoy. While the Browns will receive very little in return for their former starting quarterback, the club likely would have cut him had it not found a trading partner.
The 49ers were a good fit to bring in McCoy, as they have been in need of a backup signal-caller since dealing Alex Smith. With 14 picks in this year's draft and a talent-laden roster, they certainly could afford to ship out some late-round selections.
For McCoy, moving to San Francisco will provide a much-needed change in scenery after "Concussion-Gate" cast a dark cloud over his time in Cleveland.