In addition, the Eagles said they have placed their transition tag on kicker David Akers.
Under rules of the soon-to-expire collective bargaining agreement, franchise tags pay players the average of the top five players at that position. Transition tags pay players the average of the top 10 at the position, plus it gives teams the ability to match any offer given to the designated player in free agency.
The Eagles went so far as to give Vick the "exclusive" designation, barring him from talking with other teams. The only other player to have received the exclusive tag thus far is four-time MVP Peyton Manning by the Indianapolis Colts.
It is uncertain if franchise and transition tags will be part of the next CBA.
"Michael Vick and David Akers were two of our most valuable players last year," coach Andy Reid said in a statement announcing the moves. "They were well deserving of their Pro Bowl berths and we're happy to take this step to ensure that they'll be back in Philadelphia next season."
ESPN.com reported last month that the Eagles would franchise Vick. If franchise tags are upheld, the move will tie Vick to Philadelphia for the 2011 season and put the Eagles in a better position to potentially trade backup Kevin Kolb, who wants to be a starter elsewhere next season.
Vick made $5.25 million in 2010 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 was selected to start the Pro Bowl last month, his fourth trip to Hawaii in eight seasons. He is coming off a season of career highs in passing yards (3,018), passing touchdowns (21), rushing touchdowns (9), completion percentage (62.6) and passer rating (100.2). The Eagles (10-7) were 8-3 in games Vick started and finished.
Vick was voted The Associated Press Comeback Player of the Year after missing two seasons while serving a prison sentence for his role in a dogfighting ring, and he played only sparingly in 2009.
Adam Schefter is ESPN's NFL Insider. Information from The Associated Press was used in this report.