The deal is for two years and $24.5 million, according to ESPN's Adam Schefter. Foles is now under contract for the next three seasons.
The Rams acquired Foles from the Philadelphia Eagles in March, sending former No. 1 overall pick Sam Bradford and a fifth-round pick to Philly for Foles, a fourth-rounder and a conditional second-rounder.
Foles will replace the oft-injured Bradford as the Rams' starting quarterback, but he finished 2014 on the bench himself after suffering a broken collarbone. In eight games last season, Foles completed just under 60% of his passes, tossing 13 touchdowns and 10 interceptions.
The numbers were a step back from Foles' second season in 2013, when he threw 27 touchdowns and only two interceptions, completing 64% of his passes en route to a 119.2 passer rating.
- Rohan Nadkarni