The field equations in f (R) gravity derived from the Palatini variational principle and formulated in the Einstein conformal frame yield a cosmological term which varies with time. Moreover, they break the conservation of the energy-momentum tensor for matter, generating the interaction between matter and dark energy. Unlike phenomenological models of interacting dark energy, f (R) gravity derives such an interaction from a covariant Lagrangian which is a function of a relativistically invariant quantity (the curvature scalar R). We derive the expressions for the quantities describing this interaction in terms of an arbitrary function f (R), and examine how the simplest phenomenological models of a variable cosmological constant are related to f (R) gravity. Particularly, we show that Λc 2 = H 2 (1 − 2q) for a flat, homogeneous and isotropic, pressureless universe. For the Lagrangian of form R − 1/R, which is the simplest way of introducing current cosmic acceleration in f (R) gravity, the predicted matter-dark energy interaction rate changes significantly in time, and its current value is relatively weak (on the order of 1% of H0), in agreement with astronomical observations. PACS numbers: 04.50.+h, 95.36.+x, 98.80.-k