Kelce, who had been mulling retirement, announced on Thursday that he would be returning for his 12th NFL season.
The NFL Network was first to report the deal.
The contract is structured similarly to the $9 million deal he signed last year, sources said, functioning as a one-year deal but with money spread over multiple years for cap purposes.
The Eagles did everything they could to incentivize Kelce, who has pondered retirement over the past several offseasons, to play another year. Coach Nick Sirianni even sent a keg of beer to Kelce's home to butter him up. In a video posted on social media Thursday, Kelce took a long swig from a beer poured out of that keg before announcing his return, saying he's having "way too much fun" to step away.
Kelce, 34, continues to play at a high level. He was named first-team All-Pro for the fourth time in his career in 2021 while making his fifth Pro Bowl. He ranked seventh in pass block win rate (95.7%) and fourth in run block win rate (72.2%) among centers in 2021, per ESPN metrics powered by NFL Next Gen Stats.