Image courtesy of Vikings.com

UPDATE2: Alex Marvez at Fox Sports has the terms of the deal:

Moving up from the 6th round into the 5th, plus gaining a 7th for Matt Cassel equates to about 28 points on the trade value chart (the Buffalo Bills have the first pick in the 5th round), or the equivalent of a late fifth-round pick. If one includes the discount to the future 7th, the value drops by about three or four points, and the total package is closer to a high sixth-round pick.

Original story below:


 

The Vikings have announced that they have agreed to trade quarterback Matt Cassel to the Buffalo Bills for an undisclosed draft pick. The trade will execute on March 10, the beginning of the new league year, at 4PM EST. Matt Cassel started 9 games for the Minnesota Vikings, and recorded a passer rating of 78.1 with the Minnesota Vikings and an adjusted net yards per attempt of 5.2. The Buffalo Bills, who do not have a first-round pick, have been looking for a quarterback to replace Kyle Orton after Orton’s retirement, either as a backup or (more likely) as a starter. I cannot begin to guess what the trade value of a veteran borderline backup/starter quarterback is, but the Vikings likely got a good value for someone that was being paid slightly more than a backup. Cassel would have been useful to keep on the roster, but this solidifies head coach Mike Zimmer’s comments made at the combine that they will be looking for a developmental backup quarterback late in the draft. Matt Cassel will be able to play the team that drafted him, the New England Patriots, twice a year and will reunite with Marqueis Gray, who played tight end for the Vikings for a short period of time. UPDATE: The Minnesota Vikings have seemingly packaged a pick with Matt Cassel and may receive two draft picks in return, according to Albert Breer and Andrew Krammer

The Buffalo Bills website has the following press release active as of 11:44 AM CST:

The Buffalo Bills are making it clear they’re not going to rely on free agency to fill their positional needs on offense. Buffalo made a move to address the quarterback position Wednesday. The Bills agreed to terms on a trade with the Minnesota Vikings that will send two undisclosed draft choices to Minnesota in exchange for QB Matt Cassel and an undisclosed draft pick.

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Following the trade the Bills still have six draft choices for the upcoming 2015 NFL draft.