The move comes two days after the Eagles agreed to acquire defensive end Michael Bennett and a seventh-round draft pick from the Seattle Seahawks in exchange for wide receiver Marcus Johnson and a fifth-round pick.
Both trades cannot become official until the new league year begins on Wednesday.
Trading Smith for the Philadelphia native Worley clears over $4 million in cap space for the Eagles, as the latter is still on the rookie deal he signed as a third-round pick of the 2016 NFL Draft. Smith will make a base salary of $5 million, while Worley is scheduled to earn $650,000.
Smith reeled in 36 receptions for 430 yards and two touchdowns with the Eagles in 2017 after signing a three-year, $15 million contract last offseason. He stepped it up in the playoffs with 13 catches for 157 yards and a score as the Eagles went on to win their first Super Bowl title in franchise history.
The 29-year-old's totals in receptions and receiving yards were fourth-best on the team, behind tight end Zach Ertz (74, 824), Nelson Agholor (62, 768) and Alshon Jeffery (57, 789). Mack Collins, who averaged a team-best 14.1 yards per catch, is expected to play a greater role next season.
Worley recorded 64 tackles, two interceptions and one sack in 15 games, including 14 starts, last season. The 23-year-old has 152 tackles, three interceptions and two sacks in 31 career contests.