Sources told ESPN's Adam Schefter the Broncos will reel in the 30-year-old Keenum to be their quarterback of the present and future when free agency officially opens Wednesday.
Keenum worked with former Broncos head coach Gary Kubiak, now a senior personnel advisor in Denver's front office, with the Houston Texans from 2012-13 having joined as an undrafted free agent. The terms of the deal haven't been released, but analysts project Keenum's salary to sit somewhere in the $16-18m per year range.
At the scouting combine, two weeks before the start of free agency, Elway did compare the "fluid" nature of chasing a quarterback in free agency this year to the pursuit of Manning. It all came together for Keenum in 2017, though, as he threw for 22 touchdowns against just 7 interceptions while posting an 11-3 record as a starter for the Vikings.
However, with the Vikings one of the major contenders for Kirk Cousins' signature, Keenum has been looking to cash in on his status of last year's stellar campaign and the Broncos look to be his landing spot.
Keenum, Kirk Cousins and Drew Brees are considered the top quarterbacks in free agency, with the Broncos heavily evaluating Cousins and Teddy Bridgewater before deciding Keenum would be their pick.
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After sitting out the playoffs in each of the last two years following their Super Bowl 50 triumph, the Broncos have apparently found their next signal-caller.
Six years ago, Elway landed Peyton Manning, the biggest free agent prize in National Football League history, following his release by the Colts and a series of neck fusion surgeries.
In 2016, when Trevor Siemian unexpectedly beat out veteran Mark Sanchez and first-round draft pick Paxton Lynch to win the Broncos' starting quarterback job, Elway almost acquired Keenum in a trade from the Los Angeles Rams but backed off.
Elway said in recent weeks he still believed the team could get back into the postseason mix with an upgrade behind center. And it should be noted that the Broncos' best quarterbacks have largely arrived from somewhere else. The team is expected to keep Paxton Lynch and Chad Kelly on the roster as Keenum's backups.
"I still think we're not too far away, " Elway said. That doesn't all go on the players. "I feel like we can get right back in the thick of the things rather quickly".