The Lions also will receive a 2025 seventh-round pick in the deal, while the Jets get a 2025 conditional sixth-round pick, according to the source.
Mims, a second-round selection in 2020, was informed earlier Wednesday that he would be waived if he was not traded, a source told ESPN, confirming news first reported by the New York Post.
He was excused from training camp and didn't report with the rest of the team. The move came as no surprise, as Mims failed to establish a consistent role and had just 42 catches for 676 yards while failing to score a touchdown in three seasons.
Mims, 25, was seen as a fifth or sixth receiver on the depth chart, and he doesn't play on special teams, minimizing his value in the eyes of the team.
The trade, which was first reported by SNY, is the latest move in a shake-up at wide receiver for the Jets, who traded Elijah Moore -- a 2021 second-round pick -- to the Cleveland Browns in March and also declined to re-sign Braxton Berrios, a former All-Pro kick returner who wound up with the Miami Dolphins.