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Inman reports that the quarterback took the news better than learning he had lost the QB2 job to Sam Darnold on Wednesday.
"Lance met with Shanahan, John Lynch, Jed York after [the] deal," Inman tweeted.
The 49ers drafted Lance with the No. 3 overall pick in 2021 after sending three first-round picks and a third-rounder to the Miami Dolphins to move up. The quarterback has started only four games since, appearing in eight career games and throwing only 102 pass attempts.
San Francisco ending up with a fourth-round draft pick in return for the quarterback makes the draft trade among the worst in NFL history and will undoubtedly be remembered as one of the poorest decisions by head coach Kyle Shanahan and general manager John Lynch during their tenure. The two have bet big on second-year quarterback Brock Purdy, so there is a lot of pressure on the team to succeed with the 23-year-old at the helm of the offense.
Lance will return to Levi's Stadium on October 8 when the 49ers host the Cowboys.