The trade would send Carson Palmer to Oakland for two first round draft picks.
The first first-round pick is in 2012 and the other is a conditional first-round pick in 2013.
This is a huge deal for both teams at the deadline, especially since Bengals owner Mike Brown has said there was no way he would trade Carson Palmer.
With as well as Andy Dalton has been playing, it took a lot of pressure off of Mike Brown and made a trade the best move.
With Jason Campbell out for what most feel will be the remainder of the season with a broken collarbone, they had to make this move.
The Oakland Raiders are already in the playoff race, now they have to be respected even more.
Terelle Pryor would learn a lot from Carson Palmer, assuming he is willing to sit and learn.
Carson will need a couple weeks to get in the full swing of things, but he has the ability to do so quickly. I look for the Raiders to win this division, and the sky is the limit with a proven quarterback behind center.
I will update this as news becomes available.
Stay tuned to Bleacher Report for full coverage on this developing story.
UPDATE: Carson Palmer has been traded to the Oakland Raiders
The Raiders announced the trade at the 4 p.m. ET league deadline. According to a source, "if the Raiders win a playoff game in the 2011 season, the Bengals would get a first-round draft pick in 2013. If the Raiders don't win a playoff game in the 2011 season, the Bengals would receive a second-round pick in 2013."
This is one of the biggest moves at the trade deadline in NFL history, and will undoubtedly have an impact on the AFC playoff race.