***UPDATE*** 4:05 p.m. The 49ers have released receiver Stevie Johnson, which was foreshadowed earlier in the day.
The 49ers plan to cut one wide receiver, Stevie Johnson, after another, Torrey Smith, is signed today, a league source confirmed. The two sides had been discussing a restructure to Johnson's contract, which calls for Johnson to make $6.025 million in 2015, but there is no resolution as of yet.
The source said the door "isn't closed" as far as the possibility of bringing Johnson back. The 49ers last year traded a fourth-round pick to Buffalo for Johnson. He served as the team's third receiver, finishing with 35 catches for 435 yards and three touchdowns but missed the last three games with a knee injury.
The 49ers are expected to sign Smith to a five-year salary -- with $8 million in true guarantees -- later this afternoon. He and Anquan Boldin are the projected starters with Bruce Ellington, Quinton Patton and others in backup roles.
The 49ers are not expected to bring back Michael Crabtree in free agency. There has been little buzz about Crabtree on the open market.
Read Matt Barrows’ blogs and archives at www.sacbee.com/sf49ers.