Eagles executive vice president of football operations Howie Roseman announced on Wednesday that the team will allow Nick Foles to become a free agent and not franchise tag the quarterback.
"After a lot of conversation, we think letting [Foles] become a free agent is the right thing to do. He's a tremendous player, Super Bowl MVP, and someone we feel is a top 15 quarterback in the league. We were incredibly fortunate to have him and wish him the best of luck in the future," Roseman said in a statement.
Foles will become an unrestricted free agent on March 13.
Roseman also said the Eagles are "really excited" about backup quarterback Nate Sudfeld but will also explore possibilities for who will play behind starter Carson Wentz.
Foles reportedly told the Eagles earlier this month that he would void his option for the 2019 season, which means he must pay the Eagles his $2 million signing bonus from 2018 to opt out. The Super Bowl LII MVP was set to make $20 million in 2019 with Philadelphia.
Voiding the contract allows Foles, 30, to enter free agency unless the Eagles decided to franchise tag him. It was reported earlier this offseason that Philadelphia would tag Foles to trade him.
Foles led the Eagles to the franchise's first Super Bowl win in January 2018 after Wentz tore his left ACL in the previous December. Last season, Foles threw for 1,413 yards, seven touchdowns and four interceptions. He took over as the Eagles' starter again as Wentz dealt with injuries, playing in five regular-season games and two playoff games.