League sources told ESPN, NFL Media and the Boston Globe on Sunday that New England is sending Cannon to the Texans in a deal that involves multiple swaps of mid-to-late-round draft picks. According to the outlets, the teams will swap selections in the fourth, fifth and sixth rounds of this year's draft as part of the trade.
The trade can't become official until the start of the NFL's new league year, which begins Wednesday at 4 p.m. EDT.
Once the agreement is finalized, the Patriots -- who previously agreed to a trade for Las Vegas Raiders offensive lineman Trent Brown -- will save about $6.3 million in salary-cap space this year.
The Patriots selected Cannon in the fifth round of the 2011 draft out of TCU. He appeared in 115 regular-season games and 19 playoff contests with the team. He was a member of three Super Bowl championship teams in New England.
Cannon, a non-Hodgkins lymphoma survivor, opted out of the 2020 season due to the COVID-19 pandemic.