FOXBOROUGH, Mass. -- In a rare trade between AFC East rivals, the New England Patriots have acquired Miami Dolphins wide receiver DeVante Parker and a 2022 fifth-round draft pick in exchange for a 2023 third-round pick, a source told ESPN's Adam Schefter on Saturday.

The Dolphins' acquisition of Tyreek Hill and the free-agent signing of Cedrick Wilson Jr. made Parker expendable. Miami will now have two first-round picks, a second-rounder and two third-rounders in the 2023 NFL draft.

Meanwhile, Parker could be a top option for Patriots second-year quarterback Mac Jones, joining a receiving corps that includes top returnees Jakobi Meyers, Nelson Agholor and Kendrick Bourne.

The Patriots inherit the remaining two years of Parker's contract, which calls for him to earn base salaries of $5.65 million in 2022 and $5.7 million in 2023.

The Patriots are expecting to receive a compensatory third-round pick in 2023 as a result of losing cornerback J.C. Jackson in free agency.

Since Bill Belichick became head coach of the Patriots in 2000, this is only the fifth trade he's made with the Dolphins. The most notable came in 2007 when Belichick dealt second- and seventh-round picks to Miami in exchange for receiver Wes Welker, who went on to set the franchise record for receptions (672).

Belichick knows Parker well from having prepared his teams to face him since 2015, when the Louisville alum entered the NFL as a first-round pick of the Dolphins.

The 6-foot-3, 219-pound Parker played in 10 games last season (eight starts) and totaled 40 receptions for 515 yards and two touchdowns.

Over his NFL career, he has played in 93 games (64 starts), totaling 338 receptions for 4,727 yards and 24 touchdowns. He's the Dolphins' sixth-leading receiver, all-time.

Parker's breakout season came in 2019, when he recorded 1,202 yards and 9 touchdowns on 72 catches. However, his production was limited by his health over the ensuing two seasons, when he missed 9 combined games and recorded a total of 1,308 receiving yards.

As the Dolphins new coaching staff assembled a receiver room that specialized in creating separation and yards after the catch, Parker -- traditionally a possession receiver -- stood as the odd man out.

ESPN's Marcel Louis-Jacques contributed to this report.