Vick was one of three players to receive the "exclusive" franchise tag, which bars players from talking to other teams once free agency begins.
Indianapolis Colts quarterback Peyton Manning and Oakland Raiders linebacker Kamerion Wimbley also received exclusive tenders. Wimbley signed his tender Tuesday but Manning hasn't signed his yet as talks on a long-term deal between him and the Colts are ongoing.
Under rules of the soon-to-expire collective bargaining agreement, franchise tags pay players the average of the top five players at that position. The current CBA expires at the end of the day Thursday and the players' union has argued that franchise tags will not be valid.
Vick made $5.25 million last season but would make an estimated $20 million -- the average salary of the five highest-paid quarterbacks in the league -- as the Eagles' franchise player.
Vick led the Eagles to a 10-6 record and the NFC East title after replacing an injured Kevin Kolb after Week 1. Despite missing three games with an injury, Vick had his best season. He set career highs in yards passing (3,018), touchdowns passing (21), touchdowns rushing (9), completion percentage (62.6) and passer rating (100.2).
Vick was voted The Associated Press Comeback Player of the Year after missing two seasons while serving a prison sentence and playing sparingly in 2009.
Information from The Associated Press was used in this report.