Taken with pick No.11 in the 2020 national draft, Pedlar enjoyed a breakout campaign in 2023 when he kicked 25.15 from 21 appearances.
But he has managed just 23 games and 22 goals since then, including a return of 8.6 from 10 matches this year.
Only seven previous male players have featured for both Port and Adelaide - David Brown, Brett Chalmers, Ian Downsborough, Matthew Bode, Brad Symes, Billy Frampton and Rory Atkins.
Pedlar would become No.8, with the 24-year-old hoping a fresh start can reinvigorate his career.
The biggest success story to date of players switching between the South Australia rivals occurred in the AFLW, when superstar Erin Phillips made the move from Adelaide to the Power ahead of Port's inaugural season in 2022.
The AFL free agency period opens this Friday, with the trade period opening three days later.
A series of high-profile veterans will be on the move.
Port Adelaide star Zak Butters has told the Power he wants to join the Bulldogs, while GWS captain and unrestricted free agent Toby Greene has nominated Geelong.
Gold Coast forward Ben King wants to join Hawthorn via free agency.
But with the Suns set to match the bid, it will force the Hawks to the trading table.
Star Lions midfielder Lachie Neale, who completed a hat-trick of flags on Saturday, is set to link up with Collingwood, while Swans forward Joel Amartey has nominated Carlton as his club of choice.
Melbourne veteran Jack Viney has garnered interest from both Essendon and West Coast, Jordon Butts is set to move from Adelaide to the Bulldogs, and GWS ruckman Kieren Briggs looks set to join Richmond.
The AFL's games record holder Scott Pendlebury, with 442 matches of experience under his belt, will leave Collingwood to join Gold Coast, while delisted GWS forward Jesse Hogan is set to join the Magpies.
Fremantle wingman Nathan O'Driscoll is out of contract and yet to make a call on his future, with the Dockers reportedly having tabled him a multi-year deal.
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