The San Francisco 49ers are pulling the plug on former third overall pick Trey Lance, trading him to the Dallas Cowboys in exchange for a mid-round draft pick, according to NFL insider Adam Schefter of ESPN.

The exact compensation the Cowboys would be sending is a fourth-round draft pick, per Tom Pelissero of NFL Network.

The transaction comes a day after 49ers general manager John Lynch declared that keeping the 23-year-old quarterback is the most likely path for the team.

However, he did not dismiss the possibility of a trade, especially if it would benefit the team and Lance.

"If we can find a landing spot for Trey that is a really good one for him and works for our organization, that's not something that we'd turn a blind eye to," the 51-year-old executive said.

Lance was touted as the franchise's future star quarterback when the 49ers selected him with the third overall pick in the 2021 NFL Draft.

Since then, seventh-round pick Brock Purdy has taken that starting quarterback duties for San Francisco, while veteran Sam Darnold recently beat out Lance for the backup spot, putting him as the third-string option.

Fresh start for Lance in Dallas

The former North Dakota State player will now have the opportunity to show his talent with the Cowboys.

Dak Prescott has been the longtime starting quarterback for the team, and it is unclear where he will be slotted among backups Cooper Rush and Will Grier.