After making a big move at the end of last month where they traded away Matt Cassel and Mike Vrabel, the Patriots could be on the verge of another blockbuster deal.

A report yesterday from Vic Carucci of NFL.com indicated New England and Carolina are discussing a deal that would send Julius Peppers to the Patriots for the 34th overall pick in next month’s draft, a selection New England got from Kansas City in exchange for Cassel and Vrabel. According to Carucci, the deal would be done between the league meetings on March 22-25 and the NFL Draft on April 25.

Carolina GM Marty Hurney denied last night the two sides have been talking trade.

“By the rules of the [Collective Bargaining Agreement], we cannot and have not had any conversations with other teams about Julius,” Hurney said in a team-issued statement. “Under the non-exclusive franchise tag, Julius and his agent, Carl Carey, are within their rights to talk to other teams about a potential contract. However, at this point, we are not aware of any such conversations.”

Regardless of Hurney’s denial, the idea of the the 6-foot-7, 283-pound Peppers in a Patriots’ uniform is intriguing. While he would be forced to move from defensive end to outside linebacker in New England’s 3-4 base defense, he would bring an instant impact. Few pass-rushers this decade have been able to deliver the sort of consistent threat from the outside: In his seven years in the league, he’s hit double-digits in sacks five times, and has 70½ in his career. The 29-year-old had 14½ sacks last season — no Patriot has had that many since Andre Tippett registered 16½ in 1985.

The move would have a domino effect throughout the New England defense. If the Patriots could feature Peppers as a pass-rusher, quarterbacks would have less time in the pocket. And, as a result, the New England secondary — a weakness last season after the departure of Asante Samuel in free agency — would have an easier time in coverage.

The only question mark might be long-term. The Panthers franchised Peppers this offseason, which means he’ll cost $16.68 million, a hefty price for one player for a single season. Would he accept a renegotiated, longer-term deal at a lower price, especially in an environment where Albert Haynesworth is pulling down a $100 million deal? And would he be willing to take a deal that would lend itself to New England’s overall salary structure? Carucci certainly thinks so. According to his sources, the Patriots were eyeing Peppers when they traded Cassel and Vrabel to Kansas City, believing that if they could shed those two contracts (worth approximately $20 million in 2009), they could clear the cap space needed to ink Peppers to a new deal.

Even if New England is able to finesse a long-term deal, the impact of Peppers for one year in Foxborough would be seismic. While they struggled to keep cornerbacks healthy, the Patriots finished in the middle of the pack last season when it came to most areas of pass defense. With the addition of Peppers, the New England defensive front would be one of the best in the league — if all the defensive linemen remain healthy, the Patriots could feature Peppers and pass-rush specialist Jarvis Green on passing downs, while Vince Wilfork would be inserted on running downs and Richard Seymour and Ty Warren spend time rotating in on both.

The question remains: Why would Carolina be willing to trade away a premier defensive player for a second-round pick? In much the same fashion that New England was looking for a trade partner for Cassel and his $14.65 million deal, the Panthers are willing to part with Peppers because it would remove a colossal contract from their payroll. In addition, they would gain a draft pick — which would be their highest selection. (Their first pick is currently 59th overall.)

If the Patriots decided to make the move, it would likely alter their draft strategy slightly. While it’s believed New England would still be in the market for a linebacker, the acquisition of Peppers would likely mean they would shift their focus from outside to inside to find someone to line up alongside Jerod Mayo. In a draft rich with versatile linebackers, that shouldn’t be an issue.

At the time of the Cassel/Vrabel deal, Patriots coach Bill Belichick was castigated by some for only getting a second-round pick for two starters. Some critics charged he was hoodwinked by his former consigliere Scott Pioli, who departed in the offseason to take control of the Chiefs. Some said the deal was part of a larger conspiracy, a backroom plan between Belichick and Pioli, and called for an investigation.

But if this report is correct, it was simply the first step in a much larger offseason plan to revamp the New England defense. The Patriots have already added two veteran cornerbacks in Shawn Springs and Leigh Bodden, and they currently have more selections on the first day of the draft than any other team. The addition of Peppers and another young linebacker with the No. 23 pick would continue the extreme makeover of the New England defense.

Christopher Price covers the Patriots for WEEI.com.