The Broncos have reached an agreement with their two-time Super Bowl winning quarterback, John Elway, to be the team's executive vice president effective this week, according to multiple reports.

"If and when we reach an agreement with John Elway, Pat (Bowlen) is very confident that John's intelligence, his leadership, business savvy, his knowledge of the game, and competitive fire — plus the respect that everyone in this building wil have for him — will make us better right away," Broncos chief operating officer Joe Ellis told The Denver Post.

The Broncos are expected to hold a news conference midweek. Elway was approached in early December about a front-office role, before the team fired head coach Josh McDaniels.

The Broncos will miss the playoffs for the fifth consecutive season.