But an even better idea might be to trade him to the Minnesota Vikings.
The Vikings were Favre's desired landing spot in a trade according to many reports. However, the Packers refuse to trade Favre within their division.
But the fact that the Vikings wanted Favre, and earlier in the off-season attempted to trade for Houston signal-caller Sage Rosenfels, speaks volumes about how they feel about their current QB situation.
They plan to start Tavares Jackson, but he was very inconsistent last year, and doesn't seem great at reading defenses.
And considering the Vikings are built to go very far this year with a great defense and outstanding running game, they could use a veteran quarterback, with experience in the West Coast system.
Remember Pennington played in that offense during Paul Hackett's time in New York as Jets offensive coordinator, so he knows a lot about it.
And Pennington has done some of his best work in domes, and the Vikings play their homes games at the Metrodome. Pennington excels in domes because he doesn't have to fight the elements which can be a problem for him with his average arm strength.
And with the Vikings' fantastic running game spearheaded by talented tailback Adrian Peterson, Pennington would really be able to sell his great play-action skills.
So if the Jets make the Favre deal, shipping #10 to Minnesota would make an awful lot of sense.