Sources told NFL Network and ESPN on Thursday that the Colts will send a third-round pick in the 2021 NFL Draft and a second-round pick in the 2022 NFL Draft to the Eagles in exchange for the quarterback.
The second-round pick becomes a first-round pick in 2022 if Wentz takes 75% of the Colts' quarterback snaps in 2021 or if he takes 70% of the snaps and the Colts make the playoffs.
Wentz, 28, completed a career-low 57.4% of his passes for 2,620 yards, 16 touchdowns and an NFL-high 15 interceptions in 12 starts last season. He completed 63.9% of his throws for 4,039 yards, 27 scores and seven interceptions in 16 starts in 2019.
Wentz made his lone Pro Bowl in 2017, when he threw 33 touchdowns and seven interceptions in 13 games. The Eagles won the Super Bowl that season, but were quarterbacked by backup Nick Foles throughout the playoffs after Wentz sustained a season-ending injury.
Frank Reich served as the Eagles' offensive coordinator in 2017. Reich left Philadelphia the next off-season to take over as the Colts' head coach.
The Eagles gave Wentz a four-year, $128 million contract extension in 2019. That pact includes $107 million guaranteed.
The Eagles will take a $33.8 million dead salary cap hit this season because of Wentz's extension. Indianapolis will pay the remainder of Wentz's contract. He is owed a $10 million roster bonus in March.
Wentz fills a large need for the Colts at the quarterback position. Philip Rivers, the team's 2020 starter, retired in January.
Colts owner Jim Irsay also told reporters in January that the team wanted its next starting quarterback to have "veteran vision."
The Colts won the AFC South last season with an 11-5 regular-season record, but lost their first playoff game. The Colts' last playoff win came in 2019, when Andrew Luck was their starting quarterback.