"If that's what he wants to do, in the right situation, I think it's a possibility," Elway said during an appearance on WFAN radio.
That, of course, is based on the Jets parting ways with Tebow, which is expected to happen.
Elway also made it clear that Tebow chose the Jets, that the Broncos allowed him that opportunity. Tebow has stated on many occasions that it wasn't his call.
"We had two options: We had Jacksonville or the Jets," Elway said. "We laid it out to Tim and said, 'It's up to you.' I'm not going to tell you which deal I liked better, but I will tell you we did give him the option. He ended up picking the Jets, thinking that was the best opportunity for him."