Posted by Sabrina B. @gametimegirl

Oakland and Cincinnati completed one of the NFL’s biggest trade-deadline deals in decades, with the Raiders acquiring holdout quarterback Carson Palmer from the Bengals.

The Raiders announced the trade at the 4 p.m. ET league deadline. They did not immediately say would Cincinnati would get in exhange for Palmer, but sources said it will be one first-round pick in 2012 and a conditional first-round pick in 2013.

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.

It’s a bold move for each team.

Cincinnati is empowering a team it could be competing against for a playoff spot or even in the postseason. The Raiders are turning over another high pick for a quarterback that has been holding out and has struggled in recent seasons when some around the league questioned his arm strength. But ultimately, both sides believed it to be a gamble worth taking.

The deal became feasible when the Raiders lost starting quarterback Jason Campbell to a broken collarbone and the Bengals watched rookie quarterback Andy Dalton lead Cincinnati to a 4-2 record.

Oakland and Cincinnati spent much of Monday discussing the deal to the point early Monday night when a select few people realized it could happen. People involved in the deal’s discussions thought it could happen, but they also recognized how delicate the talks were.

Palmer has been working out in Southern California with former Jets quarterback Ken O’Brien.

Palmer also has a strong relationship with Raiders head coach Hue Jackson, with the two men having worked together in Cincinnati from 2004-2006, when Jackson was the Bengals’ receivers coach.

Now Palmer could become another former Bengal to make his way west to the Raiders. Oakland needs him.

With Campbell out, the Raiders turned to Kyle Boller to replace him and also had Terrelle Pryor on the bench.

The possibility of trading Palmer came about because Dalton has been impressive throughout training camp and the Bengals’ first six games.

Palmer was willing to restructure his contract, which would pay him $6.9 million for the balance of this season, sources said. The Raiders have about $6 million left under the cap.

In December 2005, he signed an extension with the Bengals through 2014 that was valued at $118.75 million. Palmer informed the Bengals in January that he wanted a trade or would retire; his contract remains intact.

He has never spoken publicly about his status and his agent, David Dunn, has confirmed only the original report that Palmer had met with Bengals owner Mike Brown to inform him of his feelings.

It has been reported recently that Palmer himself had been speaking to Brown to persuade him to make a trade.

Palmer’s wife, Shaelynn, is a former starting goalkeeper on the women’s soccer team at USC and was raised in the San Jose area.

Until now, the biggest recent trade-deadline deals involved receivers. One came in 2008, when theDetroit Lions sent wide receiver Roy Williams and a seventh-round pick to the Dallas Cowboys in exhange for first-, third- and sixth-round picks in 2009. The same week, Williams agreed to a five-year, $45 million extension that included more than $20 million guaranteed. Williams wound up being released before training camp began last summer.

In 2009, the Browns traded receiver Braylon Edwards to the Jets. But rarely have trade deadline deals involved quarterbacks, especially ones in a situation like Palmer’s.

WRITTEN BY Adam Schefter is ESPN’s NFL Insider. Chris Mortensen is a senior NFL analyst for ESPN. Information from senior writer John Clayton was used in this report & FULL STORY HERE