Cincinnati Bengals quarterback Carson Palmer will not take a pay cut to remain with the team next season, James Walker of ESPN.com reports.

Palmer, who turns 31 later this month, has four seasons remaining on a 10-year, $122.5 million contract extension the first overall pick of the 2003 NFL Draft signed in 2005. Palmer has base salaries of $11.5 million in each of the next two seasons, with $13 million due in 2013 and $14 million for 2014 season.

There are also $1 million roster bonuses in 2012-14.

In 13 starts this season, Palmer has completed 60.4% of his 497 pass attempts for 3,187 yards with 21 touchdowns, but has been intercepted 18 times, five of which have been returned for touchdowns.

Palmer overcame a potentially career-ending knee injury during the 2005 playoffs, and missed 12 games in 2008 with a serious elbow injury. That injury history, along with his high salaries, make it unlikely that the Bengals will be able trade the quarterback in the off-season.

With the 2-11 Bengals in prime position to draft a quarterback at the top of the 2011 NFL Draft, they may look to offset the costs of that player by getting out from under Palmer's hefty contract.