The teams haven't announced the deal. The trade can become official when the NFL's new league year begins Wednesday.
The departure of Osemele comes a day after the Raiders reached a deal to acquire star wide receiver Antonio Brown for a third-round pick and a fifth-round choice in the 2019 draft. The Steelers and Raiders agreed to the trade Saturday and it can become official Wednesday.
Osemele is a two-time Pro Bowl selection and earned All-Pro honors in 2016. He is expected to replace James Carpenter on the Jets' offensive line.
Sources told the NFL Network that Osemele has a base salary of $10.2 million for the 2019 season. The 29-year-old guard has two years remaining on his current contract.
The Baltimore Ravens originally selected Osemele in the second round of the 2012 NFL Draft. He spent four seasons with the Ravens and won Super Bowl XLVII with the franchise.
Osemele missed five games last season due to toe and knee injuries. He started in all 11 regular-season contests he played and was a three-year starter for Oakland.