Edmonton and Montreal have exchanged kickers, with Brody McKnight heading west to the Eskimos in exchange for Derek Schiavone.
The Alouettes also get Edmonton's first- and fourth-round draft picks in the 2013 CFL Canadian Draft.
McKnight was brought in to complement kicker Grant Shaw after punter Burke Dales suffered an injury.
"Some will ask why simply not go forward with Derek Schiavone and Grant as a combo, but, we felt Derek's greatest strength was on shorter field goals, as opposed to punting, which was obviously a need after Burke's unfortunate injury," Eskimos general manager Eric Tillman said in a statement.
"That said, we respect Derek and believe he has a solid future in our league."
McKnight played his college football at the University of Montana, and was the Alouettes' first round pick in the 2011 CFL Canadian Draft. The Vancouver native did not dress for any games with Montreal.
In five seasons with the Eskimos, Schiavone played in 12 games and converted 39 of 45 field goals for an 86.7 per cent rating. The native of Fort Erie, Ont., also punted 33 times for 1301 yards, averaging 39.4 yards per punt. He is expected to back up incumbent Alouettes kicker Sean Whyte.
"We welcome Derek to our team," said Montreal GM Jim Popp in a statement. "He has already had success on the field in the CFL and I understand that he is a very well-liked individual and a great team player. He should fit right into our locker-room."