The deal was pending the completion of a physical for Foles, which was delayed due to the coronavirus pandemic. In return, Chicago sent Jacksonville its compensatory fourth-round draft pick this April.
The arrival of the 31-year-old Foles in Chicago will launch a Bears quarterback competition between him and incumbent starter Mitchell Trubisky, who struggled in 2019.
The eight-year veteran Foles has started 48 games during his career, over which he has completed 61.9 percent of his passes for 11,901 yards, 71 touchdowns and 35 interceptions. He was named the MVP of Super Bowl LII after leading the Eagles to a championship in February 2018.
What remains to be seen with Foles is how his contract will be restructured with the Bears. He carries a cap hit of $15.625 million in 2020 and north of $20 million each of the following two seasons.
Foles, coach Matt Nagy and general manager Ryan Pace weren't immediately made available for comment by the team.