Foles would pay the Eagles $2 million to buy out his contract and become a free agent after his option is picked up. Philadelphia would then place the franchise tag on Foles, allowing it to trade him, according to Schefter.
The Eagles reportedly believe they could net a third-round pick in a trade for Foles.
The Super Bowl LII MVP led the Eagles to a 4-1 regular-season record in five starts this year in place of an injured Carson Wentz. Foles directed an upset of the Chicago Bears in the wild-card round before losing to the New Orleans Saints in the divisional round.
The third-round pick of the 2012 NFL Draft completed 72.3 percent of his passes in the regular season for 1,413 yards and seven touchdowns against four interceptions.
Eagles head coach Doug Pederson and general manager Howie Roseman both backed Wentz last month as the team's starter. Roseman also said he'd like to keep Foles, but ultimately would have to do what's best for the team.
Nate Sudfeld was the Eagles' third-string quarterback the past two seasons but is set to hit restricted free agency in March.