According to ESPN's Adam Schefter, Vick has signed a one-year deal for the 2013 season.
Jeff McLane of the Philadelphia Inquirer noted that this new contract is worth up to $10 million and will contain a large signing bonus.
Vick took to Twitter to express how important it was to remain in Philadelphia.
The highly controversial signal-caller may not have scored a salary as rich the six-year, $100 million deal he signed back in 2011—the same deal this new contract replaces, making him a free agent after the 2013 season—but Vick should at least get a chance to compete for the starting job again.
Nick Foles, a third-round pick in the 2012 draft, took over for Vick in Week 10 after the 32-year-old QB sustained a concussion in the second quarter of play versus the Dallas Cowboys.
The rookie held onto the job until Week 16, when he broke his hand against the Washington Redskins and subsequently went on injured reserve.
Vick had one last chance to impress the Eagles brass in Week 17 but only managed to complete 19 of 35 passes for one touchdown and one interception in a 42-7 loss to the New York Giants.
It certainly wasn’t a convincing performance, but owner Jeff Lurie, general manager Howie Roseman and new head coach Chip Kelly decided it's worth it to keep Vick around. He has a chance to excel in Kelly's uptempo offense that relies on a mobile quarterback.
This deal gives Vick yet another chance at redemption in his career.
After catching on with Philly following a stint in jail for a highly publicized dogfighting scandal, the quarterback got a chance to start when Kevin Kolb went down with injury back in 2010.
He finished that season by competing in 12 games and completing 233 of 372 passes (62.6 percent) for 21 touchdowns and six interceptions, plus rushing 100 times for 676 yards and nine TDs.
Those were out-of-this-world figures for the aging quarterback and his production dipped in each subsequent season until he was injured halfway through the 2012 campaign, losing his starting job to Foles.
However, the Eagles hope Vick still has a bit of that fire left from 2010 and just needed a coaching change. The QB still possesses plenty of mobility and a cannon arm; He just makes questionable decisions and is highly prone to injury.
If he can get his head on straight when he’s out on the field and avoid taking brutal shots from opposing defenders, Vick could be a serious threat in 2013 and may just be what Coach Kelly needs to make the playoffs in his first season with the franchise.