"Congratulations to our client @JoeFlacco on signing with the @Eagles #NextChapter," JL Sports tweeted.
Flacco is receiving a one-year deal with $3.5 million guaranteed and the opportunity to earn $4 million more in incentives, a source told ESPN's Adam Schefter.
With 175 career starts, Flacco can be a veteran resource for Hurts, the Eagles' second-round pick last April, while also pushing him.
"We've always tried to value that position and have depth at that position. I don't see any of that changing here as we go forward," general manager Howie Roseman said last week. "We want to have a really strong quarterback room. We feel like we have incredible coaches on the offensive side of the ball and the defensive side of the ball who can maximize quarterback play."
The Eagles are in the midst of overhauling their quarterback room. They traded Wentz following a rocky 2020 season, while reserve Nate Sudfeld is a free agent. The Eagles could still draft a quarterback this April. They have 11 picks, including No. 6 overall.
The move represents a return home for Flacco, who grew up close to Philadelphia and went to high school in Audubon, New Jersey.
Flacco appeared in five games for the New York Jets last season and went 0-4 as a starter, replacing the injured Sam Darnold (shoulder) in October and November. His numbers were mediocre (an 80.6 passer rating and a 55.2% completion rate), but he was responsible for the team's best passing day of the season.
In a Week 9 game against the New England Patriots on Monday Night Football, Flacco passed for 262 yards and three touchdowns. The Jets blew a late lead and lost 30-27, falling to 0-9.
Upon replacing Darnold, Flacco admitted his goal was to again become a full-time starter, saying, "I think I'd be lying if I were to deny that. I want to play quarterback in this league. ... I think I have a lot left."
Flacco, who turned 36 in January, signed a one-year, $1.5 million deal with the Jets with the hope of proving to potential suitors that he was healthy after his neck surgery in April 2020. Because of an extended rehab period, he missed training camp and was inactive for the first three games, but he made it through the season unscathed.
Flacco reached the pinnacle of his career in 2012, when he led the Baltimore Ravens to a win in Super Bowl XLVII and was named the game's MVP. He parlayed the incredible postseason run into a six-year, $120 million contract, which made him the league's highest-paid quarterback at that time.
He lasted six more seasons with the Ravens, becoming the franchise leader in every major passing category. Late in the 2018 season, he lost his job to Lamar Jackson, leading to a trade to the Denver Broncos in 2019.
In 13 seasons, Flacco has passed for 40,931 yards, which ranks eighth among active quarterbacks, and he has 224 touchdown passes and 144 interceptions.
ESPN's Tim McManus and Rich Cimini contributed to this report.