The Oakland Raiders acquired quarterback Matt Flynn from the Seattle Seahawks for two draft picks Monday -- a fifth-round pick in the 2014 draft and a conditional pick in 2015.

Both teams announced that the trade had been finalized Monday afternoon.

The Raiders also are trying to finalize a trade that will send Carson Palmer to the Arizona Cardinals for minimal compensation, sources told ESPN NFL Insider Adam Schefter.

Palmer failed to get Oakland to the playoffs in 2011, falling one game short, then the Raiders regressed and went 4-12 this past year. With Palmer owed $13 million for this season and the Raiders in rebuilding mode, general manager Reggie McKenzie decided to get a quarterback he was familiar with from his time in Green Bay.

"Matt is a tough football player, and a talented quarterback," McKenzie said. "He will get the opportunity to compete to be a starter with the Raiders. I believe Matt has that potential, but I also know he hasn't had enough experience. We're going to let him compete and battle, and see what happens."

After showing promise as a backup with the Packers, Flynn signed a three-year, $26 million deal with the Seahawks but failed to beat out rookie Russell Wilson for the starting job and quickly became expendable.

A league source told Schefter that Flynn has agreed to restructure his contract.

The new deal increased his 2013 base salary from $5.25 million to $6.5 million -- all of which is now guaranteed. In the second year, Flynn's base salary drops from $6.25 million to $5 million flat. The contract also has incentives and escalators that can bring value up to $15.25 million, the source said.

Flynn, a backup in college at LSU to former Raiders quarterback JaMarcus Russell, has started just two games in five seasons as a pro. But it's those brief appearances that intrigue many NFL teams.

He threw for 251 yards and three touchdowns in a loss at New England in place of an injured Aaron Rodgers late in the 2010 season. He then started the regular-season finale the following season, going 3-for-44 for 480 yards and six touchdown passes in a 45-41 win over Detroit.