(CNN) -- The Green Bay Packers reached a deal Wednesday night to send quarterback Brett Favre to the New York Jets.
"I am looking forward to seeing Brett Favre in a New York Jets uniform," said Woody Johnson, the Jets chairman and CEO. "He represents a significant addition to this franchise, and reflects our commitment to putting the best possible product on the field."
The trade ends a 16-season stay in Green Bay for Favre, who holds numerous NFL passing records.
Favre led the Packers to a victory in Super Bowl XXXI in 1997 and has been named the NFL's MVP three times. He holds league records for touchdown passes, yards passing, passing attempts, completions and victories by a starting quarterback.
"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," Packers' management said in a statement. "It is with some sadness that we make this announcement ..."
The trade follows a change of heart by Favre, who announced his retirement in March. Over the summer, he decided he wanted to continue playing.
After days of discussions between Favre and team officials, Green Bay opted to move forward with another quarterback Aaron Rodgers, who the team drafted in 2005.
When Favre and the Packers could not agree on his role, team management negotiated the deal to send him to New York.
The Tampa Bay Buccaneers were also reportedly in the running to acquire Favre's services, according to The Associated Press.
Details of the agreement were not immediately available.