Vic Tafur of The Athletic first reported the trade.
Conley, 23, was the Raiders' first-round pick in 2017. He was limited to two games as a rookie because of injury but was a regular fixture in the secondary last season, recording 37 tackles and three interceptions.
Gruden praised Conley for his improvement back in December, per Paul Gutierrez of ESPN:
"He's a lot more confident now. He missed a lot of training camp. He was hurt. Missed most of last season. I think his preparation has been better. I think he's been able to practice.
"Our secondary coach [Derrick Ansley] has helped him play a role in this. The guy is talented, and he's gaining confidence each week. Each week he sees himself covering the best guys in football, and he's having some success. He's doing the little things right, and he's getting better every week."
This season he's notched 23 tackles and an interception.
Conley is the latest in a string of Raiders departures. The team already traded Khalil Mack and Amari Cooper last season as part of a full-scale rebuild that was centered on loading up with as many draft picks as possible. It's become clear that head coach Jon Gruden and general manager Mike Mayock are determined to put their own stamp on the roster.
As for the Texans, their cornerback depth has taken a hit with Johnathan Joseph, Bradley Roby and Phillip Gaines all dealing with injuries. While Joseph expects to play next week, Conley still will likely have a chance to start immediately in Houston. The Texans host the Raiders Sunday at 4:25 p.m. ET.