Here’s he latest on the Jay Cutler trade situation from ESPN.com’s Chris Mortensen:

• The Redskins are acting with urgency in their pursuit of Cutler but it doesn’t appear the Broncos have interest in Jason Campbell. Consequently, even while the Redskins may be willing to offer two first-rounders for Cutler, they are trying to gauge interest elsewhere for Campbell. If the Broncos do deal with the Redskins, it would give them control of the 12th and 13th picks in the draft.

• The Lions are interested in Cutler and would be willing to send the Broncos the first pick in the draft. But the Broncos don’t want it. Rather, the Broncos would ask for the Lions’ second first-round pick (No. 20) and possibly their second-rounder (No. 33), or another first-round pick in 2010. The Lions don’t believe they can financially bear the burden of paying for the first pick in this year’s draft, as well as sign Cutler to a contract extension.

• The Jets and Buccaneers also are involved in talks with the Broncos.

• The Panthers have some level of interest and are not opposed to including defensive end Julius Peppers in trade discussions. However, even though the Broncos have a need for a player of Peppers’ caliber, they are reluctant because signing Peppers to a new contract, a necessity to complete a trade with Carolina, is cost-prohibitive for the team.

Mortensen is also reporting that a Cutler trade could happen by as early as Friday of this week, with Washington being the top landing spot for him. According to the Washington Post, the Redskins recently offered quarterback Jason Campbell to an undisclosed team for a second-round pick. But nobody knows if that report is accurate and if it was, who the other team involved was.

If you’re a gambler, I’ll update the Jay Cutler trade odds for you below:

Redskins 5/1
Lions 12/1
Jets 20/1
Bucs 20/1
Panthers 50/1
Field 8/1

Feel free to place your bets at any of our non-existent sports books here at The Scores Report.

Broncos’ owner Pat Bowlen announced that Denver will attempt to trade disgruntled quarterback Jay Cutler and SI.com’s Peter King estimates that the team would like to get a deal done before this month’s draft.

This development is in stark contrast to what the Broncos’ stance was at the NFL meetings last week. McDaniels, who created a firestorm of discontent with Cutler when he attempted to secretly trade him in February and the trade failed, seemed certain last week week he would be able to mend fences with Cutler in a private meeting.

A source Tuesday night said McDaniels felt he was at the point of no return with Cutler and had no choice but to pursue a trade.

Among the teams certain to be interested are Tampa Bay, the New York Jets and Detroit, which holds the No. 1 pick in this year’s draft. But the Lions may have been swayed to pick Georgia quarterback Matthew Stafford No. 1 overall after his impressive workout Tuesday on the Georgia campus.

Other teams are likely to be interested, including Cleveland, Minnesota, San Francisco and possibly Carolina. It’s a virtual certainty that the Bucs and Jets, both without a bonafide No. 1 quarterback entering the draft, will bid aggressively for Cutler.

This might wind up working well for all parties involved. Cutler clearly doesn’t want to play for the Broncos and quite frankly, I think he made that decision long before this whole riff with McDaniels began (i.e. he’s been upset since the day Mike Shanahan was fired). So he’ll be able to get out of Denver, McDaniels then has the opportunity to choose a quarterback that he feels best fits his system and whichever team lands Cutler, they’ll get a young signal caller with plenty of upside.

Personally I thought Cutler handled himself very poorly in all of this. He seemed to blow things out of proportion, wasn’t willing to truly reconcile with McDaniels and overall acted liked a 5-year old that wasn’t getting his way. Cutler better hope for his sake that the grass is greener on the other side because if he winds up in Detroit, he could wind up regretting all of this very soon.