The Eagles and former Patriots wide receiver DeVante Parker reached agreement on a one-year, $4.69 million fully guaranteed deal, agent Jimmy Gould told ESPN's Adam Schefter on Tuesday.
Philadelphia will pay only $1.2 million of Parker's deal, with New England paying the rest.
"DeVante is thrilled and grateful to become a Philadelphia Eagle and to help this elite organization win a championship," Gould said.
The Patriots released Parker on Monday, after signing him to a new three-year deal worth up to $33 million in July.
Parker, 31, finished with 33 receptions for 394 yards and no touchdown catches last season.
Originally selected by the Dolphins in the first round of the 2015 draft, the 6-foot-3, 215-pound Parker played the first seven years of his career in Miami. He was acquired by the Patriots in exchange for a third-round pick in April 2022.
He has 402 receptions for 5,660 yards and 27 touchdowns in his career.
ESPN's Mike Reiss contributed to this report.