Per Adam Schefter, the Patriots will trade their 4th round pick (acquired last season from Seattle in a draft day trade) to Indianapolis for Dwayne Allen and the Colts 6th round pick. The Patriots will send the Colts a fourth-round pick, and will receive a Colts' sixth rounder and Allen, per NFL Media's Ian Rapoport.
Allen had 35 catches for 406 yards and six touchdowns for the Colts last season.
One year ago, the Colts signed Allen to a four-year deal, $29.4 million deal.
As for the Patriots, the addition of Allen pretty much means there's a zero percent chance that Bennett will be returning to New England in 2017.
This news comes after Martellus Bennett's reported asking price soared to $9 million per year, which is what Rob Gronkowski makes on average per year.
Haye: I'll do much damage to Bellew with my gloves
I don't think it would be good for the boxing public to see Bellew thrown inside the ring with Joshua, Wilder or Parker. It was an exciting fight, too, even though it was an unlucky one for Haye.
The Patriots have good luck acquiring veterans on the cheap, and it certainly seems that could happen with Allen, who is just 27 years old.
The new league year begins on Thursday. The Colts (Ryan Grigson) choose Allen over Coby Fleener last offseason, but now the Colts (Chris Ballard) have chosen Jack Doyle over Dwayne Allen.
Bennett didn't exactly light up the stat sheet for the Patriots, catching 55 passes for 701 yards with seven touchdowns, but he played through numerous painful injuries and was valuable insurance when Rob Gronkowski went out with a back injury.
The Patriots newest tight end said in a statement that he's "humbled and excited" to be heading to New England.
The Patriots work a lot of multiple tight end sets in their offense and really get their tight ends involved in the passing game. That made him one of the 10 highest-paid tight ends in the NFL.