The Eagles did not release details, but the Philadelphia Inquirer cited an NFL source as saying that Vick could earn upwards of $10 million for 2013 if he reaches certain performance bonuses.
Vick has spent the past four seasons with the Eagles, starting 35 games over the past three years, but will now compete with Nick Foles for the starting job under new head coach Chip Kelly.
"Knowing we're going to have Michael and Nick back at quarterback kind of gives a direction as to what we're going to do offensively," Kelly said at a press conference Monday.
The 32-year-old Vick played just 10 games in 2012 because of a concussion and completed 58.1 percent of his passes for 2,362 yards with 12 touchdowns and 10 interceptions.
Foles, as a rookie last year, played seven games and started six. He threw for 1,699 yards with six touchdowns and five interceptions as the Eagles finished a dismal 4-12 season that cost Andy Reid his job.
Kelly was hired away from Oregon in January and ran a high-octane offense with the Ducks that featured a running quarterback. Vick, of course, is still agile and averaged 5.4 yards per carry last year. It was his lowest rushing mark as a starter.
"There's an open competition," Kelly said. "Michael knows that, Nick knows that. Both have outstanding qualities and both have started in this league. I know you have to have two quarterbacks in this league.
"Who the starting quarterback is to start the season is going to be won the practice field."
Vick spent his first six seasons with the Atlanta Falcons before a two-year absence caused by a 19-month prison sentence after pleading guilty to federal charges stemming from a dogfighting operation. The Eagles took a chance following his release in 2009 and Vick spent his first season as Donovan McNabb's backup while seeing some action in various offensive sets.
The Virginia Tech product became the starter in 2010, but has yet to play a full season for the Eagles because of injuries.
Vick had been playing under a six-year contract he signed in August 2011, a reported $100 million deal that included about $40 million in guaranteed money.
