49ers' Ricky Pearsall shot in 'attempted robbery' in San Francisco: Police

San Francisco 49ers rookie Ricky Pearsall was shot during an "attempted robbery" in San Francisco's Union Square, according to police.

The 23-year-old "sustained a bullet wound to his chest and is in serious but stable condition," the San Francisco 49ers said in a statement.

Shortly before 4 p.m. local time, police responded to a report of a shooting and found two men "suffering from injuries," San Francisco Police Department said in a statement.

"During the attempted robbery, a physical altercation ensued, and both the suspect and victim were injured," according to SFPD.

Preliminary information indicates the wide receiver was targeted for a Rolex watch he was wearing, sources confirmed to ABC News.

The suspect is in custody and charges are pending at this time, police said in a statement.

Pearsall -- a first-round draft pick -- has been dealing with a shoulder injury during the preseason and returned to practice this past week, according to the National Football League.

This is a developing story. Please check back for updates.