The move is expected if backup quarterback Greg McElroy starts the final two games of the season for the Jets, the New York Daily News reported Tuesday, citing sources.
McElroy, a second year pro, was given the start for this Sunday's game against the San Diego Chargers after Mark Sanchez committed five turnovers in a 14-10 loss at the Tennessee Titans on Monday night.
Tebow was acquired in an off-season trade with the Denver Broncos after they signed quarterback Peyton Manning. The Jets said at the time they planned to make Tebow an integral part of the offense, but he has played sparingly this season behind incumbent Sanchez, who started the first 14 games.
The former Heisman Trophy winner has played in 11 games this season -- sidelined three games with broken ribs -- and has completed 6 of 8 passes for 39 yards. He also has rushed for 32 times for 102 yards.
Tebow's acquisition helped to draw dozens of media members to the Jets' training camp and often was seen as a distraction for Sanchez.