The Raiders will receive a seventh-round draft pick if Palmer starts 13 games for the Cardinals in the 2013 season.
The 33-year-old veteran had refused the Raiders' request to accept a pay cut from the $13 million he was owed in 2013.
CBSSports.com reported Palmer will make up to $20 million over two seasons with the Cardinals. NFL.com indicated that $10 million is guaranteed.
A Palmer trade was anticipated after the Raiders acquired quarterback Matt Flynn from Seattle on Monday.
Palmer was effective in 2011 in his first year as the Raiders' starter, passing for 4,018 yards with 22 touchdowns and 14 interceptions in 15 games, but the team struggled in his two seasons.
In San Francisco, 49ers cornerback Nnamdi Asomugha agreed to a one-year, $1.35 million contract with the 49ers.
Asomugha can earn up to an additional $1.65 million in incentives. He will also be paid $4 million in 2013 by the Philadelphia Eagles, who released him earlier this offseason.
Asomugha, who was a disappointment after signing a five-year, $60 million contract with the Eagles two years ago, also visited the New Orleans Saints in free agency.
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Cornerback Tracy Porter has agreed to terms on a one-year contract with the Raiders.
Porter, 26, played in only six games last season for Denver after he suffered a seizure in August. But he has started 43 games during his five-year career.
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The Tennessee Titans have agreed to terms on one-year contracts with wide receiver Kevin Walter and offensive lineman Chris Spencer.
Walter, 32, caught 41 passes for 518 yards and two touchdowns while starting 13 games last season for the Houston Texans.
Spencer, 31, has a chance to be a starter with the Titans after playing in 12 games, including five starts, for the Chicago Bears last season.
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Running back Tashard Choice has re-signed with the Buffalo Bills. Contract terms were not disclosed.
Choice joined the Bills in November 2011 after the Washington Redskins released him.
Since entering the NFL as a fourth-round draft pick by Dallas in 2008, Choice has run for 1,409 yards and 10 touchdowns on 326 carries and caught 76 passes for 559 yards.
Defensive tackle Alan Branch agreed to a one-year deal with the Bills that could be worth as much as $3.35 million.
Branch was a critical cog in the Seattle Seahawks' defense in 2012 and was considered a priority to bring back.
The Bills also announced that tight end Dorin Dickerson signed a contract tender.
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The Tampa Bay Buccaneers have signed unrestricted free-agent kicker Nate Kaeding, defensive tackle Derek Landri, running back Brian Leonard, defensive end George Selvie and wide receiver Steve Smith.
Kaeding, an All-Pro selection in 2009, played in San Diego for nine seasons before he was released last October and then signed by the Miami Dolphins for the final two games of the 2012 season. He ranks second in NFL history in field goal accuracy, making 181 of 210 attempts (.862) and trailing only Mike Vanderjagt (.865).
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The Jacksonville Jaguars have signed defensive tackle Sen'Derrick Marks to a one-year deal.
Marks, a 26-year-old unrestricted free agent, had 41 tackles in 14 games with the Tennessee Titans last season. The fifth-year pro was considered one of the top remaining free-agent defensive tackles on the market.
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