Several media sources, including NFL.com reported the deal, also saying Vick will get about $40 million in guaranteed money. The contract reportedly averages more than $16 million during the first three years.
Vick signed a one-year franchise tender contract in March, prior to the NFL lockout. The club placed the franchise tag on Vick before he inked the tender, which ended up being worth about $16 million.
Vick passed for 3,018 yards and 21 touchdowns with six interceptions while helping the Eagles to the NFC East title in his first season as an NFL starter since 2006.
The 31-year-old Vick, who spent 19 months in prison after pleading guilty to federal charges stemming from a dogfighting operation, began his Eagle career in 2009 as the third-string quarterback. He started the 2010 campaign as the backup to Kevin Kolb after Donovan McNabb was traded, but quickly ascended to the starter's role after the first game of the season.
Kolb has since been traded to Arizona and the Eagles signed former Titans QB Vince Young this summer as the backup for Vick.