The Dolphins will receive a 2023 sixth-round pick, the NFL Network first reported and a source confirmed to ESPN.
Grant, the Dolphins' primary returner since they drafted him in the sixth round in 2016, is one of the NFL's best special teams players with five return touchdowns in his career; he ranks 11th among active players in non-offensive touchdowns. He was voted a second-team All-Pro last season, one year after signing a four-year, $19.7 million extension in 2019.
For his career, Grant has 978 punt return yards and 2,206 kick return yards.
He has had a slow start to the season, however, muffing a punt during Miami's loss to the Colts in Week 4 and fumbling deep in the red zone in the team's loss to the Bills in Week 2.
Filling in for Grant as the Dolphins' primary returner will presumably be rookie Jaylen Waddle, who handled punt return duties when Grant was injured in Week 2.