U.S. & World News

NEW YORK (CBS) ― The New York Jets have acquired Brett Favre from the Green Bay Packers, CBS station WCBS-TV in New York City has confirmed.

The deal went down late Wednesday. Exact compensation wasn't immediately known, but is believed to be a fourth-round draft pick that increases in value depending on New York's performance during the season.

The Packers confirmed the trade just after 12:30 a.m. EDT on Thursday. The deal will become official pending league approval.

The Packers issued a statement just before 1 a.m.:

"Brett has had a long and storied career in Green Bay, and the Packers owe him a tremendous debt of gratitude for everything he accomplished on the field and for the impact he made in the state," Green Bay officials said in a statement.

"It is with some sadness that we make this announcement, but also with the desire for certainty that will allow us to move the team and organization forward in the most positive way possible."

Jets chairman and CEO Woody Johnson followed with a statement of his own:

"I am looking forward to seeing Brett Favre in a New York Jets uniform," Johnson said. "He represents a significant addition to this franchise, and reflects our commitment to putting the best possible product on the field. Mike Tannenbaum and his football administration staff did a great job of navigating this complex process. I am excited about welcoming Brett, Deanna and their family to the Jets organization."

According to the NFL Network, if Favre takes 50 percent of total snaps with the Jets in 2008, the fourth rounder becomes a third-round pick. If he gets 70 percent of the snaps and the Jets make the playoffs, it becomes a second-round pick; and if he gets 80 percent of snaps and the Jets make the Super Bowl, it becomes a first-round pick.

Favre's agent, James "Bus" Cook, confirmed in an e-mail to The Associated Press earlier Wednesday that the Jets and Tampa Bay Buccaneers were emerging as the most likely trade destinations for the three-time MVP.

Packers general manager Ted Thompson skipped practice Wednesday morning, and his scheduled early afternoon media availability was postponed indefinitely -- signs that a deal could be in the works. Thompson also was not seen at Wednesday night's practice, although team president and CEO Mark Murphy made an appearance.

Favre was on a private plane that left for Hattiesburg, Miss. at 1:25 p.m. EDT Cook and Favre's wife, Deanna, also were aboard the plane that landed two hours later. Favre's family home is near Hattiesburg.

In Mississippi, Favre confirmed that he was considering the Jets and Buccaneers.

"We're working on it," Favre said in video posted on Jackson TV station WJTV's Web site. "Hopefully we can get something resolved. I've been saying that for quite a while now. I don't want to say we're running out of time, but I need to get into a camp somewhere."

Tampa Bay coach Jon Gruden refused to address speculation that the team was on the verge of a deal for Favre, sidestepping a question about whether he had spoken to Favre Tuesday night.

Favre is owed approximately $12 million in 2008, so the Jets have some maneuvering to do to get under the NFL salary cap.

Chad Pennington figures to be the odd man out in the Jets' QB carousel. Pennington has been locked in a tight training camp battle for the starting spot with Kellen Clemens. Now, with Favre in the fold, Pennington figures to be either released or traded, while Clemens, still viewed as the team's QB of the future, will likely be the backup.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)