Source: Nick Foles agrees to two-year contract with Indianapolis Colts

Quarterback Nick Foles has agreed to a two-year contract with the Indianapolis Colts, reuniting him with coach Frank Reich, who was his offensive coordinator with the Eagles in 2017 when he led Philadelphia to a Super Bowl title, a source confirmed to ESPN on Monday.

The Eagles showed interest in a potential reunion with Foles before he agreed to the deal with the Colts, a source told ESPN's Jeremy Fowler. As the Eagles received trade interest on Gardner Minshew, they discussed Foles but ultimately decided they would stick with their current quarterback room, which includes Minshew and undrafted free agent Carson Strong behind starter Jalen Hurts, the source said.

In Indianapolis, Foles will back up starter Matt Ryan, whom the Colts acquired in a trade from the Atlanta Falcons this offseason. 

The news of Foles' agreement with the Colts was first reported by NFL Network.

Other quarterbacks on the Colts' depth chart include Sam Ehlinger, who was selected by the Colts in the sixth round of the 2021 draft, James Morgan and Jack Coan, who signed with the Colts this offseason as an undrafted free agent.

The Bears released Foles on May 1 in a move that was expected after Chicago signed quarterback Trevor Siemian in free agency to back up Justin Fields.

The Bears originally acquired Foles two seasons ago in a trade with the Jacksonville Jaguars for a fourth-round draft pick. The Jaguars signed Foles to a four-year, $88 million contract in 2019, but the quarterback suffered a broken collarbone in the season opener and never regained the starting job from then-rookie Minshew.

After starting seven games in 2020, the Super Bowl LII MVP logged only one start last season, leading the Bears to a 25-24 road victory over the Seattle Seahawks in which he threw for 250 yards and a touchdown pass.

A veteran of 10 seasons, Foles has thrown for 14,003 yards with 82 touchdowns and 43 interceptions.

He earned a Pro Bowl selection with the Philadelphia Eagles in 2013 but had his most notable season in 2017, under Reich, when he was called upon to replace an injured Carson Wentz in Week 15. Later that season, he led the franchise to its first Super Bowl championship, completing 72.6% of his passes in the 2017 postseason for 971 yards, with six touchdowns and just one interception in three games.