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And it’s official.

The Bengals have traded quarterback Carson Palmer to the Raiders for a first-round pick in 2012, and a conditional first-round pick in 2013, according to Adam Schefter of ESPN.

News of the potential trade was first broken by Jay Glazer of FOX. Glazer reports that the 2013 pick is a second-round selection that can become a first-round pick.

Apart from the issues raised in the earlier item on the trade, the biggest question Raiders fans are asking is whether Palmer is in football shape. PFT reported back in September that Palmer had been working out with former NFL quarterback Ken O’Brien. Glazer said on The Dan Patrick Show that Palmer had continued to work out with O’Brien.

The Raiders host the Chiefs on Sunday. After a Week Eight bye, the Raiders host the Broncos. Four nights later, they travel to San Diego for the first of two games against the Chargers that will go a long way toward deciding the AFC West title.

It’s the second trade that the Raiders have made in less than a week, and it gives the team yet another former first-round pick. Palmer was the first overall selection in the 2003 draft.

Palmer is under contract through 2014, at base salaries of $11.5 million, $11.5 million, $13 million, and $14 million. The prorated 2011 salary is $7.44 million; as of October 4, the Raiders had $6.1 million in cap space for 2011.

We’re devoting all of PFT Live to this unexpected transaction, with Glazer, Joe Reedy of the Cincinnati Enquirer, and Paul Gutierrez of CSN Bay Area joining the show.