Owing to the economic, social, and political problems in the expansion of transmission infrastructure, novel transmission topologies are in demand to efficiently utilize the existing infrastructure. On the other hand, there is a tremendous increase in wind power generation around the globe. One of the main challenges hindering the penetration of large-scale wind power generation is the network congestion due to limited network capacity. To address these two issues, this study develops a co-optimized optimal transmission switching (OTS) and dynamic line rating (DLR) model to optimize system resources by mitigating network congestion and maximizing wind power accommodation. This new concept of exploiting the inherent flexibility in transmission network is named as flexible transmission dynamic line rating (FTDLR), which deploys OTS in coordination with DLR as a control tool to utilize existing assets. A two-stage stochastic unit commitment framework is used to deploy the proposed FTDLR model, which is used to dynamically increase the line capacity based on the meteorological parameters and at the same time optimally select candidate lines to be switched off from the network. A comprehensive analysis is performed to characterize the FTDLR performance on system operation cost, network congestion, and wind power curtailment. The proposed FTDLR model is further tested as a part of contingency analysis where both generator failure and transmission line outages are considered. Test results performed on the IEEE 24-bus network demonstrate that by using FTDLR, the service operator could substantially reduce system dispatch cost, improve wind power accommodation, and relieve network congestion. The scalability and feasibility of the FTDLR optimization problem is validated on the larger network of the IEEE 118-bus system. Exploiting the Inherent Flexibility in Transmission Network for Optimal Scheduling, Wind Power Utilization, and Network Congestion Management