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Report: Nick Foles informing Eagles he is voiding option

Eagles QB Nick Foles informed the team that he'll pay $2 million to void the team's contract option for 2019. Now the team can franchise tag him and potentially try to trade him.

Well, that didn’t take long.

Not long after a report came out that the Eagles have informed Nick Foles they are exercising the $20 million option on his contract comes word that the quarterback is informing the Eagles he is voiding the option, Adam Schefter of ESPN reports.

Both moves were expected, with Foles paying the team $2 million to buy back his freedom.

The Eagles now can place the franchise tag on the backup quarterback in hopes of trading him. The franchise tag for quarterbacks is expected to be around $25 million for next season, with the window for use of the tag opening Feb. 19.

Foles must sign the tag for the Eagles to trade him.

The price for Foles is expected to be around the third round, Schefter reports.

By placing the franchise tag on Foles and seeking a trade, the Eagles control where Foles ends up. The Giants and Washington both likely enter the offseason in the market for a quarterback. So Philadelphia can keep Foles from ending up with an NFC East rival.