With the signing of Foles, Chase Daniel asked for his release and the team obliged later Monday.
"Yes, we did, and it was mutual," Daniel told Philadelphia's 94 WIP when asked if he requested to be released by the Eagles. "I believe I'm a starter in this league."
Foles will serve as the backup to second-year starter Carson Wentz. Foles' deal is worth $11 million, with $7 million guaranteed, a source told ESPN's Josina Anderson, confirming a report by NFL Network.
Wentz tweeted welcome to his new backup.
Welcome back to the squad @NFoles_9 !
— Carson Wentz (@cj_wentz) March 13, 2017
Eagles executive vice president of football operations Howie Roseman credited Daniel for helping Wentz in his development.
"Chase's professionalism and intelligence were valuable assets to our quarterback room. His veteran leadership was incredibly helpful in Carson's development as a rookie and his familiarity with Coach [Doug] Pederson's offense was instrumental in installing our system last season," Roseman said.
"After a healthy discussion with Chase, we both felt like it was best to move forward in a different direction as circumstances have changed since he originally signed. We greatly appreciate Chase's time here and wish him well as he continues his football career."
The Chiefs declined Foles' option last Thursday, making him a free agent.
Foles, who turned 28 in January, joined the Chiefs last season as a free agent after being released by the Rams. He played in three games for Kansas City, starting one. He threw for 410 yards and three touchdowns in those three games.
Foles played three seasons for the Eagles and one for the Rams before joining the Chiefs.
The Eagles' third-round pick in 2012, Foles started five games that season; in 2013, he had one of the more remarkable quarterback seasons in NFL history. Foles threw 27 touchdown passes with just two interceptions in leading the Eagles to the playoffs. He was selected for his only Pro Bowl that season.
Foles' play declined drastically in 2014, when he threw for just 13 touchdowns and 10 interceptions. He was traded to the Rams after that season as part of the deal that sent quarterback Sam Bradford to Philadelphia. Foles played poorly for the Rams, throwing for seven touchdowns and 10 interceptions before being benched late in the season.
In recent days the Eagles had been working to trade Daniel to a team that would benefit the veteran signal-caller, but both sides felt the decision to release him now was mutually beneficial.
Daniel, who signed a three-year, $21 million deal with the Eagles last offseason, was set to cost $8 million against the cap. Cutting him leaves $7 million in dead money for the Eagles.
ESPN's Adam Caplan, Adam Teicher and Tim McManus contributed to this report.