Source Close to Tim Tebow: Possible Trade to Jets or Jaguars by Midday Wednesday

Citing "a source close to the NFL star," Orlando's WKMG-TV is reporting that the Denver Broncos expect to trade Tim Tebow to either the Jacksonville Jaguars or New York Jets by midday Wednesday.

The asking price for Tebow is reportedly a third-round pick.

The Jets are projected to have up to 12 picks in the 2012 NFL draft once compensatory picks are awarded, so the Jets could sweeten the pot beyond the third-rounder if necessary.

And, as Brian Costello of the New York Post recently reported, "the Jets have had serious internal discussions" about trading for the Broncos quarterback, "according to a team source."

Meanwhile, according to Monica Culpepper, wife of former University of Florida defensive tackle Brad Culpepper, Tebow would prefer to land in Florida.

Despite recently signing Chad Henne and spending a first-round pick on Blaine Gabbert last season, new Jaguars owner Shahid Khan negotiated with the Denver Broncos late Tuesday night.

The Jets and Jaguars are both expected to resume talks Wednesday morning.