Foles declined his $20 million mutual option for 2019 on Tuesday, Adam Schefter of ESPN reports.

The Eagles exercised their side of the option earlier Tuesday night and Foles wasted little time issuing his decision to pay the $2 million buyout. Philadelphia now has until March 5 to place the franchise tag on Foles -- which is expected to be about $25 million for quarterbacks in 2019 -- or he will hit free agency. The team would do so in an attempt to trade the veteran quarterback, looking to receive a more immediate return than the compensatory draft pick it could be given should he depart via free agency.

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