The Green Bay Packers have finally reached an agreement to trade Brett Favre, with the veteran quarterback heading to the New York Jets.

The Packers had spoken to both the Jets and the Tampa Bay Buccaneers since deciding earlier in the week that the 38-year-old had no future at the club with whom he made his name.

Terms of the trade were not available.

After Favre retired in April, the Packers decided to move forward with former understudy Aaron Rodgers as their starting quarterback.

However, Favre - voted the NFL's 'Most Valuable Player' on three occasions - subsequently went back on his decision and applied for reinstatement as a player.

"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," a Green Bay statement read.

"It is with some sadness that we make this announcement, but also with the desire for certainty that will allow us to move the team and organization forward in the most positive way possible."

Jets chairman and CEO Woody Johnson issued a statement early Thursday, saying: "I am looking forward to seeing Brett Favre in a New York Jets uniform.

"He represents a significant addition to this franchise, and reflects our commitment to putting the best possible product on the field."

Speaking earlier in Mississippi, Favre said that he was considering both the Jets and Buccaneers.

"We're working on it," Favre told Jackson TV station WJTV. "Hopefully, we can get something resolved. I've been saying that for quite a while now.

"I don't want to say we're running out of time, but I need to get into a camp somewhere."