"A new QB in Carolina: The #Panthers are acquiring former No. 1 overall pick Baker Mayfield from the #Browns for a 2024 conditional 5th-round draft pick, sources tell me and @TomPelissero," Rapoport tweeted. "Deal is pending a physical. All parties split the financials to make it happen."
The Panthers confirmed the deal on their verified Twitter account shortly after NFL Network's report.
The Browns will owe Mayfield "$10.5 million this season, which means they trimmed over $8 million in cash and salary-cap space," while the Panthers will pay him $5 million, as part of an agreement by the quarterback to trim $3.5 million off his base salary, according to NFL Network's Mike Garafolo.
Mayfield is scheduled to fly into Charlotte from vacation to take a physical Thursday (July 7) to complete the deal.
The Panthers will host the Browns during Week 1 of the 2022 NFL season.
Mayfield requested a trade amid initial reports that the Browns were trying to acquire Deshaun Watson from the Houston Texans.
Cleveland was initially reported to be out of consideration for Watson and denied Mayfield's request publicly before eventually reaching an agreement with Houston to acquire Watson days later.
Mayfield's official trade request came two days after he shared a cryptic post on his verified social media accounts thanking the city of Cleveland and fans "who truly embraced who I am."
"With many uncertainties, here is where my head and heart is," Mayfield wrote. "The past 4 years have been nothing short of truly life changing since I heard my name called in the draft to go to Cleveland. This is not a message with hidden meaning. This is strictly to thank the city of Cleveland for embracing my family and me," he said. "We have made many memories and shared growing in this process through all the ups and downs.
"I have no clue what happens next, which is the meaning behind the silence I have had during the duration of this process. I can only control what I can, which is trusting in God's plan throughout this process. I have given this franchise everything I have. That is something I've always done at every stage, and at every level. And that will not change wherever I take my next snap. Whatever happens ... I just want to say thank you to the fans who truly embraced who I am and the mentality that aligned so well with this city's hard working people.
"Cleveland will always be a part of [my wife] Emily and my story. And we will always be thankful for the impact it has had and will have in our lives. Sincerely, Baker Reagan Mayfield."
Mayfield, who was selected No. 1 overall in the 2018 NFL Draft, has a 29-30 QB record as a starter, which includes a 6-8 record in 2021.
The former Heisman Trophy winner threw for a career-low 3,010 yards and 17 touchdowns, as well as 13 interceptions last season.