In return, the Rams will receive the Redskins' first-round picks for the next three seasons, along with the team's second-round pick this year, according to "a source in Cleveland familiar with the terms of the deal," reports ESPN's Adam Schefter.
With the deal Washington is expected to take Robert Griffin III, the superstar quarterback from the Baylor Bears.
It was widely speculated over the past weeks that the Rams would shop the No. 2 overall pick, since they already have Sam Bradford at quarterback. On Monday, these speculations were confirmed, when the Rams announced that their No. 2 overall pick was available for trade.
One of the other major teams involved in talks with the Rams were the Cleveland Browns. It appeared that the Browns would be the team to acquire the pick, until Friday night.
The deal is expected to become official on Tuesday at 4 p.m. ET, when the new league year officially kicks off. No deal can become finalized until that time.
For now though, the two sides have agreed on the deal, and it should be extremely beneficial for both teams.