Foles has already agreed to a restructured contract, according to Schefter. He still has $21 million in guarantees remaining, but now has the ability to void the deal following the 2020 or 2021 campaign.
After spending two years with the Philadelphia Eagles which included capturing a Super Bowl MVP, the veteran passer signed a lucrative four-year contract worth $88 million with Jacksonville. However, the deal never panned out, as Foles missed the majority of last season with a broken clavicle.
The 31-year-old is due $15.13 million in 2020 and his $5-million roster bonus becomes fully guaranteed on Friday, according to ESPN's Dan Graziano. The Jaguars will also inherit $18.75 million in dead money.
Foles has a number of connections with Chicago's coaching staff. Matt Nagy was his offensive coordinator with the Kansas City Chiefs, while he also worked with current Bears quarterbacks coach John DeFilippo with the Eagles.
Jacksonville has dumped a handful of large salaries this offseason in an attempt to alleviate salary-cap concerns. The team dealt Calais Campbell and A.J. Bouye, and released Marcell Dareus thus far in 2020.
Following the trade, Gardner Minshew will presumably slot in as the team's starter, though the team could select a quarterback early in April's draft.