Quarterback Case Keenum, who guided the Minnesota Vikings to the brink of the Super Bowl last season, is expected to sign with the Broncos when free agency opens Wednesday, according to several reports.
The 30-year-old Keenum has had stints with the Texans, Rams and Vikings, who reached the NFC Championship Game last season.
Denver were also reported to be in the hunt for Cousins having struggled through three options under centre last season but general manager John Elway has made his move for Keenum.
ESPN's Adam Schefter was the first to break the news late Monday night. Brock Osweiler is a free agent and isn't expected back with the Broncos.
The Broncos, who own the fifth pick in next month's National Football League draft, also considered Cousins following a 5-11 season in which Trevor Siemian, Brock Osweiler and Paxton Lynch all struggled behind a porous offensive line and questionable play-calling before Mike McCoy was replaced by Bill Musgrave as offensive coordinator. His signing can not be made official until the new league year opens at 9pm GMT on Wednesday.
Kubiak is now Denver's senior personnel advisor and Joseph is the team's head coach.More news: Two From Southwest Oklahoma Shine on 'American Idol' Premiere
With Keenum leaving, could Kirk Cousins land in Minnesota?
Siemian again handily beat out Lynch last summer, but the Broncos would cycle through their trio of homegrown QBs during a 5-11 season that almost cost rookie head coach Vance Joseph his job.
Only the winless Cleveland Browns threw more interceptions than the Broncos' 22, and Denver had just one receiver catch more than 50 passes and finish with more than 560 yards receiving - Demaryius Thomas with 83 catches and 949 yards.
And while the Broncos do need a new quarterback, is Keenum the answer?
"Even with Peyton, we weren't a for-sure thing with Peyton, " Elway said.
"I still think that we're not too far away", Elway said earlier in the offseason. I feel like we can get right back in the thick of the things rather quickly.