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Barstool Sports first reported the news, while NFL Network reports the Patriots will send a fifth-round pick as compensation and also receive a sixth-round pick in return.
Patterson, who turned 27 on Saturday, signed a two-year, $8.5 million deal with Oakland last spring as a free agent after notching his second Pro Bowl appearance as a returner.
He caught 31 passes for 309 yards in his first year with the Raiders while adding 13 carries for 121 yards and two scores on the ground. Patterson also served as Oakland's kick returner, though he posted the second-lowest average (28.3) of his career and failed to tally a kick-return touchdown for the second time in five NFL seasons.
--Marshawn Lynch will be back with the Raiders in 2018, with the team set to pay him a $1 million roster bonus, according to an NFL.com report.
The decision had been in question after the Raiders had picked up former Tampa Bay Buccaneers running back Doug Martin in free agency. Lynch is due to make $5.9 million this season.
Lynch, who turns 32 in April, did not fully commit to playing another season after coming out of retirement to join his hometown team in 2017. He carried the ball 207 times for 891 yards and seven scores.
--The Pittsburgh Steelers have agreed to terms with former Indianapolis Colts linebacker Jon Bostic on a two-year deal, the team announced.
Bostic, who turns 27 in May, tallied 97 tackles, three passes defensed and a sack in 14 starts for the Colts in 2017 before suffering a season-ending knee injury. The addition will help fill the void left by Ryan Shazier, who general manager Kevin Colbert said will not play in 2018 as he recovers from a serious spinal injury suffered in 2017.
Meanwhile, the Steelers hosted Patriots special teams ace and free agent Matthew Slater for a visit on Saturday, according to an ESPN report.
--Field Level Media