Packers president and CEO Mark Murphy and executive vice president and general manager Ted Thompson released a joint statement.

"Brett has had a long and storied career in Green Bay, and the Packers owe him a tremendous debt of gratitude for everything he accomplished on the field and for the impact he made in the state," the statement said. "It is with some sadness that we make this announcement, but also with the desire for certainty that will allow us to move the team and organization forward in the most positive way possible.

"We respect Brett's decision that he could no longer remain here as a Packer. But there were certain things we were not willing to do because they were not in the best interest of the team. We were not going to release him nor trade him to a team within the division. When Brett ultimately decided that he still wanted to play football, but not in Green Bay, we told him that we would work to find the best solution for all parties involved. We wish Brett and his family well."

Late Wednesday night, Jets general manager Mike Tannenbaum held a conference call and revealed details of the acquisition. He said the club had multiple discussions with Favre, going over all the concerns of bringing him into the Jets' fold. Favre will be going to a new city with a new system after 16 seasons in Green Bay.

"We got to a spot where we felt comfortable with things," Tannenbaum said. "We're excited that he's here."

Tannenbaum added that the Jets were "just kind of monitoring" the situation, but jumped when the opportunity presented itself.

"Really, we had a cursory monitoring situation going on. We just kind of put an oar in the water," Tannenbaum said.

Favre was reinstated by NFL commissioner Roger Goodell on Sunday after retiring in early March in a tear-filled press conference. He was added to the Packers' roster on Monday, but did not practice with the club.

Favre leaves Green Bay as the NFL's all-time leader in most major passing categories -- touchdowns (442), yards (61,655), completions (5,377) and attempts (8,758) -- and his 253-game starting streak remains intact. By playing 16 seasons in a Packers uniform (1992-2007), he matches Bart Starr (1956-71) for the longest tenure in team history among his 30 team records. Now he brings those startling credentials to the Jets.

"I am looking forward to seeing Brett Favre in a New York Jets uniform. He represents a significant addition to this franchise, and reflects our commitment to putting the best possible product on the field," Jets chairman and CEO Woody Johnson said. "Mike Tannenbaum and his football administration staff did a great job of navigating this complex process."

Favre's arrival in New York will likely displace quarterback Chad Pennington, who has played with the Jets since 2000. In 69 career games with the club, he has completed 1,259-of-1,919 passes for 13,738 yards and 82 touchdowns.

"I have all the respect in the world for Chad as a person and a player," Tannenbaum said. "He gave his heart and soul to this organization for a long, long time."