UPDATE 7:50 p.m.: Mark Sanchez has passed his physical and is officially a member of the Eagles, according to Rich Cimini of ESPN.
From earlier: The Eagles and former Jets quarterback Mark Sanchez have agreed to terms on a deal, according to a report from Ian Rapoport of NFL.com.
The Inquirer's Zach Berman said Sanchez was still in his physical with the Eagles when Rapoport's report came out, but an official deal is likely to happen soon.
Is signing Mark Sanchez a good move?
Several teams pursued the 27-year-old following his release from the Jets, but the chance to work with Eagles head coach Chip Kelly was "significant," a report from Jason La Canfora of CBSSports said.
Kelly recently lauded Sanchez while speaking with reporters at the NFL meetings in Orlando.
"I think Mark's a very, very good athlete," Kelly said. "He's started  games in this league. He's got great experience. There's a lot of positive qualities to him."
Kelly went on to explain the importance of the quarterback position, especially for the Eagles.
"It's a position of need for us," the coach said. "We played three quarterbacks last year. I don't think you can look at your roster and ever say, 'We're good at quarterback.'"
Sanchez was picked by the Jets with the fifth overall selection in the 2009 draft. He has amassed 12,092 passing yards, 68 touchdowns and 69 interceptions for a 71.7 passer rating so far in his NFL career. The quarterback is 4-2 in the playoffs with 1,155 passing yards, nine touchdowns and three interceptions.
The former USC Trojan sat out the entire 2013 season after injuring his shoulder in the preseason. He will backup Nick Foles if and when he officially signs with the Eagles.