UPDATE 7:11 p.m.: McCoy's agent Drew Rosenhaus tweets that no deal between the two teams has been finalized yet.

I just spoke with the Eagles organization and there is no trade for LeSean at this time. There have been discussions but nothing finalized

— Drew Rosenhaus (@RosenhausSports) March 3, 2015

Chip Kelly has parted ways with a key offensive cog for the second season in a row.

The Philadelphia Eagles have agreed to a trade that will send running back LeSean McCoy to the Buffalo Bills, ESPN's Adam Schefter reports. The Bills will send back linebacker Kiko Alonso, who won the Rookie Defensive Player of the Year award in 2013 before missing all of last season with a torn ACL.

Kelly's bold decision was likely motivated by the running back's high cost. McCoy was scheduled to count $11.95 million against the salary cap in 2015, the second highest mark in the league for a running back behind Adrian Peterson.

McCoy, a 2009 second-round pick, has played his entire six-year career with the Eagles. He rushed for 1,319 yards and five touchdowns for Philly last season.

Alonso finished third in the NFL in tackles his rookie season with 159. Kelly coached Alonso when both were at Oregon together.

No trades can become official until the new league year starts next Tuesday at 4 p.m. ET.

McCoy's trade comes the same day that the Eagles cut linebacker Trent Cole and defensive back Cary Williams. All told, the Eagles will save $31.75 million of salary cap money thanks to today's moves. Alonso, who is still on his rookie contract, will make $4.3 million total over the length of his four year deal that ends in 2016.