The Patriots have traded a fourth-round draft pick to the Colts in exchange for Allen and a sixth-round selection, ESPN's Adam Schefter reports.
In securing the services of Allen, the Patriots have signaled that they are poised to part ways with fellow TE Martellus Bennett. Allen, whose blocking ability has earned the praise of coach Bill Belichick, has three years left on the four-year, $29 million contract that he signed with Indy last March. The 27-year-old profiles as a solid all-around tight end, who will provide the Patriots with a complementary option/insurance policy for oft-injured Rob Gronkowski. Allen himself is no stranger to the injury report, having missed a combined 23 games (including 15 in 2013) over the past four seasons, but when healthy, the 6-foot-3, 265-pounder can do some damage in the red zone. Over the course of 57 NFL contests to date, he's hauled in 19 TDs.