(UPDATE) Sunday, 5 p.m. —
ESPN is now reporting the deal is official and Darrelle Revis has been traded to the Buccaneers.
The cornerback has reportedly signed a six-year, $96 million deal with Tampa Bay, putting him just behind defensive end Mario Williams and his $100 million deal in Buffalo.
The Jets receive the No. 13 pick in this year's draft as well as a conditional fourth-round pick in 2014. The latter pick will likely become a third-round pick, as Revis just has to be on the Tampa roster three days into next season in order for it to vest.
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The Jets' extended negotiations with the Buccaneers over All-Pro cornerback Darrelle Revis appear to be nearing a conclusion.
ESPN's Adam Schefter was first to report Revis was in Tampa undergoing a physical, which means the trade particulars had been agreed upon. The Bucs would surrender their top overall pick, No. 13, as well as a package of picks from later rounds.
Of course, the physical is no mere formality in the case of Revis. The corner tore his ACL in Week 3 last season against Miami and is still rehabbing. According to general manager John Idzik, who spoke last week, the rehab process is going well and they didn't expect any complications.
Idzik was very cryptic about answering questions of whether the team would trade the defensive star, but it had been reported all offseason the team was searching for suitors. Tampa seemed to be the team with the most interest for months. The Jets wanted to get a deal done before this Thursday's NFL Draft.
Revis is a free agent after this season and the team did not appear interested in signing him to a long-term contract. He was reportedly looking for a deal in the neighborhood of $100 million — similar to the one signed by Buffalo defensive end Mario Williams last offseason.
Follow Metro New York Sports Editor Mark Osborne on Twitter @MetroNYSports.