NFL Network reported the Raiders are swapping one of their sixth-round picks for a Patriots fifth-round pick along with dealing Patterson.
Past year he finished with 31 catches for 309 yards, while averaging 28.3 yards per kick return.
Patterson, 27, was selected in the first round of the 2013 NFL Draft out of Tennessee by the Minnesota Vikings. Patterson has only one career punt return but is also an excellent gunner, which is a role that captain Matthew Slater - a free agent - has performed admirably over the years.
He has one year remaining on his contract and is expected to make $3.25 million this upcoming season.
Patterson caught 31 passes for 309 yards last season for Oakland and also ran for 121 yards on 13 carries for three scores.
Early heavy hitters in the 2018 National Football League free agency period, the Raiders may have tempted fate by trading away wide receiver Cordarrelle Patterson to the Patriots for next to nothing Sunday. His 469 receiving yards as a rookie marked a career high. Oakland now owns five picks in the sixth round of April's draft.
Patriots head coach Bill Belichick talked about Patterson before the Patriots played the Raiders during the 2017 season. It remains to be seen how Patterson fits in with the Patriots offense, but the team looks loaded at receiver now with Brandin Cooks, Julian Edelman, Chris Hogan, Malcolm Mitchell, Phillip Dorsett and Kenny Britt.
"He's big, strong, aggressive, hard to tackle", Belichick said. He's got breakaway speed.