"Nothing is done, but it is certainly a real possibility," Rapoport said.
The Jaguars represent a chance to reunite with Urban Meyer, who coached Tebow in college at Florida. Rapoport noted the two have almost a "father-son" relationship.
Rapoport first reported Thursday that Tebow had worked out for the Jaguars at tight end.
The 33-year-old last appeared in an NFL game in 2012 with the New York Jets. He got a few more chances in training camp but hasn't been a part of a football team since before the 2015 season with the Philadelphia Eagles.
Tebow then tried his hand at baseball, spending five years in minors of the New York Mets organization before retiring in February 2021. He also spent time as an analyst with ESPN during this stretch.
A return to football after such a long time away could be difficult, but he could have support in Meyer, who won two NCAA national championships with Tebow on the roster. The quarterback also won the Heisman Trophy in 2007 playing under the now-Jaguars coach.
Tebow became a first-round pick in the 2010 draft and started 14 games in two seasons for the Denver Broncos. The quarterback was more known for his running ability than passing, finishing with 887 rushing yards and 12 touchdowns in his two seasons.
He had a similar role with the Jets, finishing with 32 carries and just eight pass attempts in 2012.
This athleticism could allow him to succeed at tight end with the Jaguars, but the first challenge could be proving he is in good enough shape after all these years.