The Eagles had designated Vick a franchise player Feb. 15, giving them exclusive negotiating rights with him. He will receive at least $16 million for the 2011 season, the average of the Top 5 quarterback salaries in the league.
Vick was last season's Comeback Player of the Year, passing for 3,018 yards and 21 touchdowns with six interceptions for Philadelphia, which won the NFC East title.
Vick had been out of the league since 2006.
The Eagles were unable to reach a deal with kicker David Akers, who had been given the transition player tag, which required the 12-year veteran be offered a one-year deal paying the average of the 10 highest-paid kickers and punters in the NFL.
Akers was 32-for-38 in field goal tries and made all 47 PAT attempts last season. The Pro Bowl kicker is the all-time franchise leader in games played, points and field goals.