According to Fox Sports' Jay Glazer, the Seahawks will send a first-round and seventh-round pick in 2013, along with a third-round pick in 2014 to the Vikings for the wide receiver. Glazer noted the deal is pending a physical.
ESPN's Adam Schefter reported the trade is also contingent on a new contract for Harvin.
Assuming the likelihood that the trade gets done, let's grade this swap from both angles.
Russell Wilson was a dynamic quarterback in his rookie campaign, and now he's been provided an versatile read-option weapon.
In 2012, the Seahawks mainly utilized a run-heavy, play-action offense that featured the powerful Marshawn Lynch and took calculated shots down the field. But with Wilson's ability as a runner, both the pistol and read-option worked flawlessly when utilized.
With Harvin, Seattle can run more read-option with its franchise quarterback and sprinkle in its new toy in a variety of different ways to further confuse outside defenders.
Harvin has tremendous straight-line speed as well, and he could be the beneficiary of Wilson's tremendous deep-ball accuracy.
From coming in motion on jet sweeps to catching high-percentage bubble screens to stretching the field vertically, Harvin gives the Seahawks offense a plethora of possibilities.
Let's not forget that the Vikings made the playoffs in 2012, and Percy Harvin played in only nine games.
Sure, it took an MVP-caliber second half from Adrian Peterson but, in theory, Minnesota has reason to be encouraged heading into the 2013 season.
As it stands, they could own the No. 23 and No. 25 overall picks, which is an amazing development for a team a few pieces away from making a deep run in the postseason.
Peterson will continue to be the focal point of the offense, but the Vikings have the ammunition to trade for a big-name receiver, move up in the draft or simply select two first-rounders just picks apart, an amazing luxury.
Even the extra seventh-rounder and 2014 third-round pick could be used in another trade.
Regardless of what the Vikings do, they are in a prime position to create a major stir in the NFC North.
If this trade goes through, the Seahwaks won't have a pick until the 24th selection in the second round.
Given the state of their franchise, that's OK.
Clearly, Seattle is gearing up to make a legitimate run at a Super Bowl title and, although Russell Wilson led a balanced attack in 2012, the addition of Harvin should have a significantly positive ripple effect on the offense in 2013 and beyond.
Sending a first-round pick, a seventh-round pick and a 2014 third-rounder is relatively steep, but there's nothing wrong with the Seahawks pursuing a uniquely explosive talent like Harvin to immediately improve their offense.
Seattle probably could have landed a promising receiver with the No. 25 overall pick but, in general, receivers take longer to transition to the NFL—Pete Carroll wanted an established, proven weapon.
This from Yahoo! Sports' Doug Farrar moments before the news broke on Twitter:
Pete Carroll LOVED Harvin as a high school prospect. Wouldn't surprise me at all if it happened.— SC_DougFarrar (@SC_DougFarrar) March 11, 2013
Harvin does have an injury history, but he should receive a clean bill of health heading into the upcoming campaign.
Jarius Wright isn't as electric as Percy Harvin, but he does possess similar yards-after-the-catch ability, and he could slip into Harvin's role in his second season.
The rest of the receiving corps (Greg Childs, Stephen Burton and Co.) is unproven but, with two first-round picks, a top-flight receiver can be chosen to become the team's true No. 1 option.
While the emphasis on offense will undoubtedly be focused on Peterson, the verdict is still out on quarterback Christian Ponder, and more receiving talent is needed to aid his development.
With four picks in the first 83 selections, the Vikings definitely can help their franchise quarterback, or potentially draft his future replacement.
The Seahawks identified a special player they believe will add a thrilling dimension to their already efficient offense, and they did what they needed to acquire him.
For a team a few plays away from the NFC title game this past year, there's nothing wrong with that.
However, the cost to grab Harvin was expensive, both in terms of draft picks surrendered and the money they'll give him in a multi-year deal. Also, his injury history is a bit worrisome.
Then again, the countless possibilities and big-play element he'll bring could ultimately be vital to Seattle taking the next step as a franchise.
Harvin was eager to bolt from Minnesota and the Vikings found a trade suitor willing to send a fabulous draft pick package as compensation.
For a team that made the postseason in 2012 without Harvin down the stretch, this trade couldn't be any sweeter.
Ultimately, the true "winner" of this trade is predicated upon how the Vikings make use of their two first-round picks. Regardless, the extra ammunition is undeniably gratifying for Minnesota.