The New England Patriots have acquired wide receiver Chad Ochocinco after he accepted a restructured three-year contract from the Patriots, a source told ESPN.com’s John Clayton.  Read more after the jump.

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Sources told ESPN NFL Insider Adam Schefter that the Bengals will receive two draft picks, one this year and one next season.

Ochocinco was scheduled to make $6.35 million for the Bengals this year. The Patriots wanted him to restructure his contract to fit their cap.

Ochocinco was seen catching a plane to Boston Thursday.

The 10-year veteran caught 67 passes for 831 yards and four touchdowns last season. That was a dropoff from 2009, the last of his six Pro Bowl years, when Ochocinco had 72 receptions for 1,047 yards and nine TDs.

He has seven 1,000-yard receiving seasons, leading the league with 1,369 in 2006.

Despite Tom Brady throwing for 3,900 yards and 36 touchdowns in 2010, the Pats didn’t have a 1,000-yard receiver. Wes Welker led the team with 848 yards.

Randy Moss was traded after only four games despite 1,264 receiving yards and a team-high 13 touchdowns in 2009.

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