The reported 1-year deal means the former Tennessee Titan starter will become Michael Vick's backup QB.
The Titans released Young on Thursday. They drafted Young back in 2006.
A tad of controversy erupted on Twitter over this announcement.
The first tweet about this story, at 11:46 p.m. Thursday, came from NFL Network's Albert Breer who said, "Vince Young has reached a one-year deal with the Eagles. Will sign it tomorrow."
With numerous tweets and retweets, ESPN's Adam Schefter stepped in to say not so fast.
Just before 12:30 a.m. Friday, Schefter tweeted, "Reports of deal between Eagles and Vince Young are interesting. Young is still on waivers and can not talk to teams till he clears waivers."
Ten minutes later, Breer clarified: "To clarify, I did NOT say Vince Young signed with the Eagles. I said he'd agreed to go there."
If this deal does turn out to be true, Action News sports reporter Jeff Skversky tweeted, "Vince Young can report to Eagles camp [Friday] night but cannot practice with the team until August 4th."
The move comes nearly eight months after owner Bud Adams said the team would trade or release Young.
Young is 30-18 in five seasons, including a playoff loss, but just 13-14 against teams finishing a season at .500 or better. He's battled questions over his work ethic, leadership and injuries.
He ended 2010 on injured reserve after suffering a season-ending thumb injury on his right, throwing hand Nov. 21. That was the day he tossed his shoulder pads into the stands and told off then-coach Jeff Fisher in front of the rest of the team before storming out.
Adams once said Young "is my guy," but general manager and executive vice president Mike Reinfeldt made the argument it was time for him to go.
"As we have said since January, it was time for us to go in a different direction at quarterback and we have done that," Reinfeldt said in a statement Thursday.
The Associated Press contributed to this report.