The longtime Bengals quarterback will request a trade from the team, and he's prepared to retire if it isn't granted, ESPN reported Sunday, citing several sources.
The Bengals' official website said text messages and phone calls to Palmer weren't returned. The Bengals, whose coaches arrived in Mobile, Ala., for the Senior Bowl, didn't have a comment on the report.
Palmer, the No. 1 overall draft pick by the Bengals in 2003, is under contract through 2014 as part of a $97 million extension he signed at the end of the 2005 season. Sources close to Palmer told ESPN that the two-time Pro Bowl quarterback is financially secure and willing to retire if no trade is consummated.
Palmer is scheduled to receive base salaries of $11.5 million in 2011 and 2012, $13 million in 2013 and $14 million in 2014. He has $1 million roster bonuses in 2012, 2013 and 2014.
Palmer recovered to start the 2006 season, but it took the Bengals four seasons to return to the playoffs, in 2009. Along the way, Palmer's 2008 season was cut short after four games when he suffered an elbow injury.
The Bengals slid to 4-12 this past season while Palmer's numbers regressed. Over the last two seasons, he has started every game for the Bengals, combining for 47 touchdown passes and 33 interceptions. His 82.4 passer rating in 2010 was the lowest he has posted during a season in which he started every game.
Wide receiver Chad Ochocinco, who demanded a trade from the Bengals before the 2008 season, reminded fans Sunday via Twitter that his request wasn't met.