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Source: Raiders make deal to acquire Palmer

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A source close to the Oakland Raiders indicated Tuesday morning that the team finalized a deal with the Cincinnati Bengals for quarterback Carson Palmer(notes).

Terms of the deal, which was initially reported by, were not known but ESPN reported that the Raiders gave up their first-round pick in 2012 and a conditional first-rounder in 2013 for Palmer. The Raiders made the deal after losing quarterback Jason Campbell(notes) for perhaps the rest of the season on Sunday with a broken collarbone. In addition, the Raiders reportedly had interest in quarterback David Garrard(notes) until finding out he needed back surgery and is out indefinitely.

The deal smacks of leverage for the Bengals and desperation for the Raiders and coach Hue Jackson. Oakland is 4-2 and has moderately exceeded expectations so far this season, Jackson's first as head coach. In the aftermath of owner Al Davis' death, Jackson has taken a larger role in the personnel operations.

Jackson, a former Cincinnati assistant coach, has been interested in Palmer ever since the quarterback informed the Bengals in the offseason he wanted a trade or would retire if not dealt. As part of the deal, the source said, Palmer is expected to sign a contract extension with the Raiders that would reduce his $11 million salary and keep him with Oakland for years to come.

The potential for Cincinnati to get two first-rounders enticed owner Mike Brown to give up Palmer, who had struggled in the Bengals' system since 2007. Brown, who historically has been unyielding to player demands for deals even when he has received significant offers, had previously been unwilling to move the quarterback.

[ Related: Trainer says Carson Palmer 'looks great' ]

The Raiders had little choice in the matter after the Garrard news. The team currently has Kyle Boller(notes) and Terrelle Pryor(notes) on its depth chart. Oakland briefly considered trading for Kyle Orton(notes), according to the source, but quickly concluded he wasn't worth even a fourth-round pick.

[ Related: Mike Brown handles Carson Palmer situation perfectly ]

Putting the Raiders in an even further bind was the fact that the team had already traded or used its second-, third- and fourth-round picks in 2012. The team traded the second-rounder to New England in April as part of an exchange of selections, used the third-rounder to take Pryor in the supplemental draft this year and parted with its fourth-rounder when it acquired Jason Campbell during the 2010 draft.

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