Vick's agent, Joel Segal, confirmed to ESPN.com that the former felon will hold a news conference Friday morning to announce the signing.
ESPN's Sal Paolantonio reports that the first year of the contract will pay Vick $1.6 million and the second year is a mutual option worth $5 million.
The former No. 1 overall draft pick in 2001 arrived in Philadelphia late Tuesday morning, and agreed to terms with the Eagles sometime Wednesday evening.
Vick hasn't played professional football since 2006 when he was arrested on charges of conspiracy and running a dogfighting operation.
Ultimately convicted and sentenced to 23 months in a federal penitentiary, Vick was released from home confinement July 20th, and conditionally reinstated by commissioner Roger Goodell. Upon reinstatement, Vick was suspended for four games, and should play a regular season game come mid October.
The controversial signing bolsters the Eagles depth at quarterback, after third year QB Kevin Kolb was sidelined with a sprained medial collateral ligament.
The most prolific rushing quarterback in NFL history, Vick boasts a career yard per carry average of 7.3 and a slew of highlight reel game-breakers.
In 2006, his last full season with the Falcons, Vick rushed for over 1,000 yards, but only completed 52 percent of his passes.
The Newport News, Va. native can immediately begin participating in preseason practices, workouts, and team meetings; and can play in the Eagles final two preseason games against the Jaguars and Jets.