Foles will practice with his team Friday.
Rapoport added Foles will receive $1.75 million this year, not including incentives, according to a source involved with the deal. The Chiefs have an option for 2017 and his salary -- from $6.75 million to $16 million -- is based on his 2016 performance.
It comes as no surprise that Chiefs coach Andy Reid was open to a reunion with a quarterback he selected in the third round of the 2012 NFL Draft. In fact, NFL Media's Mike Garafolo reported in February of 2013 that Reid was interested in bringing Foles along to Kansas City if the Eagles were open to a trade.
Reid viewed Foles as a future starter at the time and has long been a believer in his talent.
Foles confirmed Friday that his relationship with Reid was the primary factor in his decision to sign with Kansas City.
The Chiefs do have a pair of promising young arms in Tyler Bray and 2014 fifth-round pick Aaron Murray. When Chase Daniel followed offensive coordinator Doug Pederson to the Eagles, though, Reid was left without an experienced option behind starter Alex Smith. Neither Bray nor Murray has ever thrown a pass in an NFL regular-season contest.