The Cowboys will receive the Raiders' sixth rounder in return as well.
Butler was acquired in a trade from the Raiders on Sept. 16 after the Cowboys lost Dez Bryant three days earlier to a broken right foot.
He has three catches for 108 yards on the season but has been inactive for two of the last three games with a hamstring injury. He initially suffered the injury on a 67-yard catch against the New Orleans Saints on Oct. 4. He did not play against the New England Patriots on Oct. 11 but returned after the bye to catch two passes for 41 yards.
Butler went through three limited practices last week with a sore hamstring and did not dress for the 13-12 loss to the Seattle Seahawks.
The Cowboys gave up their sixth-round pick in 2016 to select tight end Geoff Swaim in the seventh round last May. The Cowboys will give up their seventh-round pick next year to the Seahawks for running back Christine Michael, since those trade conditions have been met. He had to be on the 46-man roster three times in order for the Cowboys to give up their pick.