Foles must pay the Eagles $2 million to opt out.
The move paves the way for the Eagles to place the franchise tag on Foles. They are expected to do so in an effort to then try to trade him, sources from other NFL teams who have been in touch with Philadelphia previously told Schefter.
The franchise tag number for quarterbacks is expected to be around $25 million for next season.
The Eagles have publicly committed to Carson Wentz as their starting QB moving forward. By placing the franchise tag on Foles, they would have an opportunity to receive compensation for Foles via trade while having a say on where he ends up. The price for Foles is expected to be around a third-round pick, according to Schefter.
Foles, the MVP of Super Bowl LII, stepped in again for the injured Wentz at the end of this past season and helped the Eagles to three straight regular-season wins and a playoff victory at the Chicago Bears in the wild-card round.
Foles, 30, completed 72 percent of his passes and threw for seven touchdowns and four interceptions in five regular-season games in 2018.
Is Foles worth a third-round pick?
Mike Golic Sr. doesn't see Nick Foles as a lock to be successful on a team besides the Eagles.
Wilbon: Eagles should trade Wentz
Michael Wilbon and Tony Kornheiser react to Carson Wentz recent comments and Wilbon says the Eagles should trade Wentz and make Nick Foles the starter.