San Francisco 49ers quarterback Colin Kaepernick met with Denver Broncos General Manager/Vice President of Football Operations John Elway at his house in Denver on Thursday, according to a report in The San Francisco Chronicle. It’s the second time the two have met since mid-march. The 6-foot-4, 230-pound QB has been spending ample time in Colorado as he rehabs injuries in Vail.

The meeting was allowed by the 49ers as they have placed him on the trade block. Due to cap space issues, the Broncos would need Kaepernick, set to make about $14 million in 2016, to take a pay cut, likely a focus of the meeting.

Denver is reported to have placed fourth-round value on Kaepernick but they don’t hold a fourth round pick this year. Any acquisition of the dual-threat QB would require the Broncos to make some cap space-creating moves as they currently have less than $2 million in remaining space.