Pace said at the 2018 NFL Scouting Combine in Indianapolis the organization has already informed Glennon of the decision, but the structure of his contract won't allow the move to become official until next month, per Rich Campbell of the Chicago Tribune.
The Bears signed Glennon to a three-year, $43.5 million contract last March when he was a prized member of a weak free-agent class.
While the move suggested the franchise was planning to give him an opportunity to become its long-term solution under center, it proceeded to select Mitchell Trubisky with the second overall pick in the 2017 draft, immediately raising questions about the Glennon signing.
The 28-year-old NC State product predictably struggled, throwing four touchdowns and five interceptions across four appearances, before the team quickly handed the reins of the offense to Trubisky.
Glennon discussed the demotion with Patrick Finley of the Chicago Sun-Times in November.
"One, I have a job and I have a role and whatever that role is, I need to do it to the best of my abilities," he said. "Two is, keeping perspective on things. I think this has not been what I wanted, like I said, but there are a lot worse things. At the end of the day, I have a job to do."
Although Trubisky failed to shine as a rookie, compiling a lackluster 77.5 passer rating in 12 starts, he'll either be given another chance to prove himself in 2018 or be a cheaper backup option than Glennon should the Bears attempt to upgrade the position through free agency or the draft.
Meanwhile, Glennon likely won't generate much interest during his second straight year in free agency, but he should land somewhere as a reserve.