Brandon Lloyd on the trading block in Denver

(CBS) - Fans knew the Denver Broncos were going for a new look when they announced that Tim Tebow was the new starting quarterback. And the changes keep coming. The Denver Post reports that the Broncos have put wide receiver Brandon Lloyd on the trading block.

The team is reportedly looking for a third- to fifth-round draft pick in exchange for Lloyd. With the NFL trade deadline coming up next Tuesday, Denver may be looking to deal Lloyd in a hurry.

Of course, the fact that Lloyd is on the block does not necessarily mean the Broncos are done with him. But there are several factors that make a trade worthwhile to Denver.

First and foremost, Lloyd will be a free agent at the end of this season. The Broncos may not be ready to pay the Pro Bowl receiver's presumably high asking price. The Denver Post says that, while Lloyd and the organization have "briefly discussed" a contract extension, nothing concrete has materialized.

The 30-year old reciever is making $1.39 million this year - not exactly the market value of the receiver who led the league last year with 1,448 yards and 11 touchdowns.

The Broncos also find themselves with a surplus of receivers currently, though Lloyd is arguably the best of the bunch.

Several teams have shown interest in acquiring Lloyd, including the Tennessee Titans and Carolina Panthers.

The addition of Tebow to the starting lineup may be another indication that Denver is done with Lloyd. The untested rookie quarterback will most likely be calling a run-heavy offense. If Tebow is the future in Denver, the team might be less interesting in signing a huge deal for Lloyd.

Neither the Broncos nor Lloyd were willing to comment on the trade speculation.