The Toronto Argonauts have traded quarterback Nick Arbuckle to the Edmonton Elks for a third-round pick and the rights to former Ole Miss standout Chad Kelly from Edmonton's negotiation list.

The draft pick acquired by Toronto will be elevated to a second-round selection if Arbuckle re-signs with the Elks. Kelly, 27, was a seventh-round pick of the Denver Broncos in 2017 and has also spent time with the Indianapolis Colts.

The Elks, who sit last in the West with a 2-7 record, traded quarterback Trevor Harris to the Montreal Alouettes earlier this month. The team started Taylor Cornelius at quarterback in Week 11 after demoting Harris to the backup role.  Cornelius, 26, completed 17 of 29 passes for 187 yards a touchdown in a 26-16 loss to the Winnipeg Blue Bombers. He has thrown for 811 yards with four touchdowns and six interceptions this season.

Arbuckle, 28, has completed 96 of 153 pass attempts in seven games this season for 1,158 yards with five touchdowns and six interceptions. He appeared in 18 games with the Calgary Stampeders in 2019, throwing for 2,103 yards with 11 touchdowns and five interceptions.

McLeod Bethel-Thompson has been the Argonauts starter for most of this season, having taken over when Arbuckle was injured. Bethel-Thompson, 33, has thrown for 1,605 yards with nine touchdowns to six interceptions over 10 games this season.

The Argonauts are second in the East Division with a 6-4 record after a 37-16 loss to the Alouettes last week.