Adam Schefter of ESPN.com and Ian Rapoport of NFL.com, among others, are reporting that the Saints have traded WR Brandin Cooks to the New England Patriots for the Pats 1st and 3rd round picks - the 32nd and 103rd overall.
The Saints will also send their 4th round pick, 118th overall, to the Pats.
Schefter said that one main reason Cooks was being dealt at this time was that he is due a nearly $800,000 roster bonus on Monday.
Cooks is coming off of a season where he had 78 receptions for 1,173 yards and 8 touchdowns. He has been the team's deep threat over the years. This year his longest reception was for 98 yards.
The Saints now have two first-round picks, the 11th and 32nd overall.