The Patriots are reportedly in talks to deal the 34th overall pick in the draft (the second-round pick they got from the Chiefs) to Carolina in exchange for Julius Peppers, who would then move to outside linebacker in their 3-4 scheme.
NFL.com writer Vic Carucci says that league sources say that "...the Patriots and Panthers are hoping to complete the deal at some point between the March 22-25 NFL owners meetings and the start of the draft on April 25."
Thanks to reader PatsFan for the link.