The Los Angeles Chargers are trading wide receiver Keenan Allen to the Chicago Bears for a fourth-round draft pick, sources confirmed to ESPN.

The deal comes one day after the team released wide receiver Mike Williams, a move that saved the Chargers $20 million this year while incurring a dead money charge of $12.46 million. League rules required the Chargers to be under the league's $255.4 million salary cap by 4 p.m. ET Wednesday. Williams' release made them salary cap compliant.

Allen, the Chargers' longest-tenured player, had arguably the best season of his career in 2023, setting the franchise record with 108 receptions and finishing with 1,243 yards, the second-highest of his career.

A six-time Pro Bowl selection, Allen, 31, told reporters in January that he would only play for a select few teams if traded from the Chargers and would consider retirement.

The Chargers have the fifth overall pick in this year's draft, while the Bears have the No. 1 pick.

News of Allen's trade was first reported by Fox Sports.