The Bears originally acquired Foles two seasons ago in a trade with Jacksonville for a fourth-round pick.
After starting seven games in 2020, the Super Bowl LII MVP only logged one start last season. He carried a $10.67 million cap hit in 2022.
Chicago general manager Ryan Poles confirmed last month that the team had been trying to trade Foles after adding veteran backup Trevor Siemian in free agency.
ESPN’s Courtney Cronin contributed to this story.