The Bears originally acquired Foles two seasons ago in a trade with Jacksonville for a fourth-round draft pick.
After starting seven games in 2020, the Super Bowl LII MVP logged only one start last season. He carried a $10.67 million salary-cap hit in 2022.
Chicago general manager Ryan Poles confirmed in March 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.