The Kansas City Chiefs have been viewed as the frontrunners to land San Francisco 49ers backup quarterback Alex Smith for some time. Yesterday it was announced that the sides had reached an agreement that would send Smith to Kansas City in exchange for draft picks.

Ian Rapoport of NFL.com is reporting that the 49ers will receive a second-round pick in 2013 and a conditional pick in the 2014 draft in exchange for Smith. The deal can’t become official until March 12.

Smith is entering the final year of his current contract, which will pay him $7.5 million in 2013. However, it’s expected that an extension will be coming in the near future, as the Chiefs wouldn’t surrender the picks they did for a one-year rental.

The Chiefs view Smith as their quarterback for the next several years. As a result of the acquisition, Kansas City is expected to release incumbent quarterback Matt Cassel in the next few days.