NFL.com and NFL Network reporter Jeff Darlington later confirmed reports of the trade with multiple sources.
Selected with the 25th overall draft pick in 2009 out of Illinois, Davis has started 36 of his 44 games for the Dolphins over the last three seasons, totaling 148 tackles, one sack and nine interceptions. Davis' four interceptions in 2009 and 2011 were team-highs.
The 24-year-old Davis has two seasons remaining on his rookie contract. Davis will earn $957,500 in base salary in 2012 and is currently scheduled to make $1,136,250 in base salary with a $50,000 workout bonus in 2013.
"To get a guy of his caliber, playing the position he plays, again everything we try to do on a daily basis is with two things in mind -- with the team in mind and wining," Pagano said in a news release Sunday. "Vontae brings a great skill set, a great cover man, he's big, he's physical and he can run. Just throwing him into the mix, we feel we are getting an outstanding player that has proven himself and played at a high level in the league, and obviously will make us better moving forward."