Profootballtalk (PFT) is reporting that Pittsburgh Steelers WR Santonio Holmes has been traded to the New York Jets.

The report has been confirmed (via Twitter) by Sports Illustrated's Peter King and NFL Network's Jason La Canfora.

The compensation is reportedly a 5th round pick in the 2010 NFL Draft.

More on the story as it develops.

UPDATE: An AP (Associated Press) report confirming the above has been picked up by the Pittsburgh Post-Gazette.