Financial terms were not disclosed, but Foles' contract is expected to include a signing bonus of $543,520 as the No. 88 pick in the 2012 NFL Draft.
The 6-foot-5, 243-pound Foles began his college career at Michigan State before transferring to Arizona after the 2007 season. A three-year starter for the Wildcats, Foles is the school's all-time leader in passing yards (10,011) and is tied for the all-time lead with 67 touchdown passes.
Investing early round picks in the quarterback position is nothing new in Philadelphia under Andy Reid. The Eagles selected Kevin Kolb in the second round in 2007, Mike Kafka in the fourth round in 2010 and now have Foles, who will compete with Kafka and veteran free agent Trent Edwards for the two backup positions behind starter Michael Vick.