His new contract will include a signing bonus, performance incentives, and a mutual option for 2019. He'll also receive a $2 million signing bonus.
Foles only had one year left on his previous deal, but the biggest thing to take out of this deal is it looks like Foles won't be traded this offseason.
NFL Network first reported the contract restructuring.
Despite his unbelievable Super Bowl run, Foles has acknowledged that he understands the Eagles are still Wentz's team.
The new deal for the Super Bowl MVP includes an upgraded deal for the 2018 season and a mutual option for 2019, according to the report. The Eagles are sweetening Foles' deal as a way of repaying him for leading the team to its first Super Bowl a year ago. In the Super Bowl he went 28-43 for 373 yards, 3 touchdowns, 1 interception and had a receiving touchdown.
There's also no definitive proof that Philadelphia's starting quarterback Carson Wentz will be ready for week one of the National Football League season.
"We love Philly. I know there was some stuff going around [about] a possible trade, and I would love the opportunity to be a starter again", Foles said. However, given the mobile quarterback suffered a serious knee injury, there's still a long way to go before he is ready for full contact on the field.
The extra year is beneficial to both Foles and the Eagles.