Carson Palmer not likely to restructure contract with Raiders, report says

Carson Palmer is reportedly adverse to restructuring his contract. (Streeter Lecka/Getty Images)

Quarterback Carson Palmer saved the Oakland Raiders more than $9 million in cap room by agreeing to restructure his contract last offseason. He is unlikely to do so again this offseason, ESPN.com's Adam Schefter reported Monday.

Schefter reported that Palmer is "highly unlikely" to restructure a contract that currently calls for Palmer to make $13 million in base salary next season. If he does not agree to restructure, the Raiders will be forced to keep him at his current salary or release him.

The 33-year-old Palmer threw for more than 4,000 yards and 22 touchdowns to just 14 interceptions. But the Raiders finished only 4-12 with him at the helm, the second straight season the team missed out on a playoff appearance after trading their 2012 first-round pick and second-round pick in this year's NFL Draft.

If the Raiders do release Palmer, 23-year-old Terrelle Pryor would be the favorite to earn the starting nod. In three games last season, he completed 14 of 30 passes, throwing for two touchdowns and one interception.

Last offseason, Palmer agreed to reduce his base salary to just $825,000 from $12.5 million. The Raiders made up most of the difference by giving him a five-year, $11.6 million signing bonus.