Schefter later confirmed the news of the trade, which can not be finalized until March 14, the start of the new league year.
Peters steps in as the Rams' primary cornerback, which might spell the end of Trumaine Johnson's tenure with the team.
The 25-year-old will cost $1.74 million toward the salary cap this season, which is almost one-tenth of Johnson's cap hit last year. The Rams have until May 3rd to pick up Peters' fifth-year option for 2019 projected at $9 million. Johnson, who spent the past two years playing under the franchise tag, and slot corner Nickell Robey-Coleman are scheduled to be unrestricted free agents.
The Colts certainly have a need to address at the cornerback position but they may feel it is smarter to re-sign Pierre Desire and Rashaan Melvin while drafting another cornerback in April, rather than paying roughly $12 million to Johnson. Their No. 2 cornerback, Kayvon Webster, ruptured an Achilles tendon in December.
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Whatever the case may be, Peters will be going to the Rams among potential suitors, which means he'll be much closer to his hometown of Oakland, California, than Kansas City-for better or for worse.
The 25-year-old Peters registered 46 tackles, five interceptions, nine passes defensed, four forced fumbles and two fumble recoveries last season. Peters was later suspended by the team for walking off the field after he threw a flag in the stands even though he had not been kicked out of the game.
Peters play-making ability is game-changing, one the Rams hope will move them to a second straight division title.
But Peters also joins the Rams with some character concerns. Peters was dismissed from the Washington Huskies football team in November 2014 for disciplinary issues.