The deal was confirmed by Mark Daniels of the Providence Journal and Vic Tafur of The Athletic San Francisco.
The speedy wideout played in all 16 games for the Raiders last season, hauling in 31 catches for 309 yards and adding 121 rushing yards and two rushing touchdowns. Patterson has one year left on his contract.
The 27-year-old Patterson was a first-round draft pick in 2013 by the Minnesota Vikings, where he spent the first four years of his career. He has been in the league for five seasons now, has five career kick return touchdowns.More news: Two new Banksy pieces pop up in New York City
Patterson, a first-round pick in 2013, has been electric with the ball in his hands throughout his career. He's returned just one punt for 9 yards.
With Dion Lewis signing in Tennessee, the Patriots lost their kickoff returner.
Patriots coach Bill Belichick has called Patterson an "explosive player". The Vikings in turn used that selection on Patterson.
Should that come to pass and Gruden's outstanding additions to the roster net a deep playoff run for the Raiders, trading away Patterson for peanuts has all the feel of a move that may come back to bite Oakland at the most inopportune time in 2018. That type of player - can hit the home run, can do the distance, sometimes it's there but sometimes it's really not there and he still makes a lot out of it.