In a week when the Broncos demoted Paxton Lynch to No. 3 and are working second-year quarterback Chad Kelly as the No. 2, Elway -- the team's president of football operations and general manager -- has not ruled out signing a veteran to be Case Keenum's backup.
Elway was asked Thursday if Kaepernick was "a viable option."
"You know what, and I said this a while ago: Colin had his chance to be here. We offered him a contract. He didn't take it," Elway said. "As I said in my deposition ... he's had his chance to be here. He passed it."
Elway gave a deposition in May for Kaepernick's lawyers in Kaepernick's collusion case against the NFL. Kaepernick attended the deposition.
Elway met with Kaepernick twice in 2016 as the Broncos and San Francisco 49ers tried to work out a trade that would have sent Kaepernick to Denver. At the time, the Broncos wanted to trim Kaepernick's guaranteed salary from $11.9 million to $7 million, whether that would involve the 49ers paying the difference or Kaepernick simply taking the pay cut.
After several rounds of discussion between the two teams, as well as a face-to-face meeting between Elway and Kaepernick at Elway's house, a deal was not completed.
The attempt to trade for Kaepernick fell though just weeks before the 2016 draft and the Broncos traded up in the first round that year to select Lynch.
"You know what, and I said this a while ago: Colin had his chance to be here. We offered him a contract. He didn't take it. As I said in my deposition ... he's had his chance to be here. He passed it."John Elway
Elway signed a quarterback who had spurned him when he brought back Brock Osweiler last season. Osweiler left the Broncos in free agency in 2016 to take a deal from the Houston Texans and become one of the highest-paid players in the league.
When the Broncos brought Osweiler back last season, he had already been traded by the Texans to the Cleveland Browns and then released. Osweiler was also being paid a guaranteed $16 million from the Browns and signed a contract for the minimum base salary with the Broncos.
Kaepernick, the first player to kneel during the national anthem before a game to raise awareness for social justice issues, has not played since the 2016 season.