Foles' new deal is worth $88 million over the course of four years, as reported by ESPN's Adam Schefter.
According to NFL Network's Ian Rapoport, Jags QB Black Bortles will be released, and free to sign with another team, once the deal is official.
Foles opted out of his contract with the Philadelphia Eagles by paying them back $2 million in February.
The Jaguars are getting their man and Nick Foles is getting PAID. He guided Philadelphia to three consecutive wins to finish the season, earning a playoff berth in the process and further establishing himself as a winning quarterback.
Last season, Foles was 4-1 in five starts for the Eagles completing 72.3% of his passes with seven touchdowns and four interceptions, averaging 282.6 passing yards per game.
Foles took over in Wentz's stead towards the end of each of the last two years due to injuries.
Foles, originally drafted by the Eagles in 2012, re-joined the team for a second stint before the 2017 season. But after a disappointing season from several other players, the Jaguars need to reestablish their identity in order to make it back to the playoffs.
"It's hard when you have someone who is incredibly valuable to your organization, the most important position in sports", Eagles vice president of football operations Howie Roseman said during the NFL's annual scouting combine in Indianapolis.