Update: 12:34 from Mercury News: So the Redskins are pursuing a trade for Lloyd, and according to the Washington Post, a deal could be imminent. One proposal being considered was a pair of second-round picks for the receiver, the Post reported.
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Update: 11:29 from ESPN: Lloyd agreed Friday night to make a visit to the Redskins on Sunday. There is a good chance Lloyd will come to an agreement with Redskins for big money before the end of the weekend.
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Update: 7:23pm According to La Canfora the 49ers and Redskins are working on parameters for a deal, but had yet to agree on compensation.

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Jason La Canfora of the Washington Post is reporting tha the Washington Redskins are exploring available options for acquiring San Francisco wide receiver Brandon Lloyd, according to a source with knowledge of the situation, but completing such a deal could prove difficult because Lloyd is a restricted free agent.

Lloyd, 24, has been unable to agree to a long-term deal with the 49ers and is free to negotiate with any team, but he received a one-year qualifying offer from San Francisco that would require a first-round draft pick as compensation should he sign elsewhere. The Redskins do not have a first-round selection in next month’s draft, but could work out a package of other assets for the player and sign him to a multiyear contract. No trades can be completed until 12:01 a.m. Saturday, when teams can also begin contact unrestricted free agents from other clubs.