|Marshall and Cutler will be reunited in Chicago.(Getty Images)|
The news was first reported by Jay Glazer of FoxSports.com. Adam Schefter of ESPN reports that the picks are a third-rounder in 2012 and a third-rounder in 2013.
The Dolphins originally gave up two second-round picks when they traded for Marshall from Denver in April of 2010. They then handed Marshall a big contract extension
Marshall is now reunited with his old quarterback in Denver, Jay Cutler. While playing with Cutler in Denver, Marshall broke out in a big way, catching 226 balls for 2,899 yards and 15 touchdowns in three years, which includes a rookie season of just 20 catches and 309 yards.
Marshall's seen less success since coming to Miami: he hasn't caught more than 86 balls in a single season and only has nine touchdowns with the Dolphins.
Per Andrew Brandt of the National Football Post, Marshall will make $9.3 million in 2012 and $9.1 million in 2013 and 2014.
So the Dolphins clear up some major cap room with a move to deal Marshall -- Ben Volin of the Palm Beach Post notes that Marshall had a cap number of $11.35 million in 2012.
And while it might seem like the Dolphins are giving up on their chase for Peyton Manning, this is not the case. There were rumblings that Manning wasn't thrilled about throwing to Marshall, who had (according to Pro Football Focus) the most drops in the NFL (51) over the past four years. Additionally, Marshall's had problems off the field as well. He was involved in a domestic dispute that led to him being stabbed in the stomach.
Now the Dolphins are situated, if they so choose, to chase Reggie Wayne, who attended college in Miami, and use him to lure Peyton to South Beach.