The New England Patriots have acquired wide receiver Chad Ochocinco after he accepted a restructured three-year contract from the Patriots, a source told ESPN.com's John Clayton on Thursday.

Patriots quarterback Tom Brady and new receiver Chad Ochocinco chat during training camp Friday in Foxborough. Jim Rogash/Getty Images

Sources told ESPN NFL Insider Adam Schefter that the Bengals will receive two draft picks, a 2012 fifth-rounder and a 2013 sixth-rounder.

Ochocinco was scheduled to make $6.35 million for the Bengals this year. The Patriots wanted him to restructure his contract for salary-cap purposes.

Although the trade might not be officially done yet, Ochocinco was present on the Patriots' practice field Friday morning, where he can watch, but not participate. Ochocinco was seen spending time with Tom Brady and offensive coordinator Bill O'Brien prior to practice.

The 10-year veteran caught 67 passes for 831 yards and four touchdowns last season. That was a drop-off from 2009, the last of his six Pro Bowl years, when Ochocinco had 72 receptions for 1,047 yards and nine TDs.

He has seven 1,000-yard receiving seasons, leading the league with 1,369 in 2006.

Ochocinco provides another option for Brady, who has been without a deep target since the Patriots traded Randy Moss to the Minnesota Vikings last season. In 10 seasons, all with the Bengals, Ochocinco has 751 catches for 10,783 yards and 66 touchdowns.