Word came last week that the Eagles plan to exercise the $20 million option for next season on Nick Foles‘ contract. The Eagles now have taken a further step and informed Foles of just that, Tim McManus of ESPN reports.
Foles has 10 days to decide whether to accept the option.
He can buy out that option by paying the team $2 million, which appears likely since he can make more money either on the free agent market or on the franchise tag. The Eagles are expected to use the franchise tag on Foles if he buys out his option.
The franchise tag for quarterbacks is expected to be around $25 million for next season.
By franchising Foles, the Eagles could trade him as long as he signs the tag.
This story line already has become one of the most watched of the offseason, with several teams interested in Foles.