The Philadelphia Eagles will let left tackle Jason Peters enter free agency by mutual agreement, the team announced Thursday, but said they will remain in communication as "each side continues to evaluate its options."

"We are appreciative of everything Jason has contributed to the organization over the last 11 seasons in Philadelphia, including building a first-ballot Hall of Fame career and helping us win our first Super Bowl Championship. Jason has been an incredible leader and person both on and off the field," the team said in a statement.

Free agents can officially sign with new teams on March 18 at 4 p.m. ET. Beginning at noon ET on March 16, their agents can negotiate contracts with other clubs.

Peters has built up Hall of Fame credentials over his distinguished 16-year career with the Buffalo Bills and Eagles. An undrafted tight end out of Arkansas, he has been named to the Pro Bowl nine times and an All-Pro six times while being widely regarded as one of the best tackles in the game.

Peters, who turned 38 in January, is not as dominant as he once was. He has dealt with numerous injuries in recent seasons, including a torn meniscus in his knee in 2019 that required minor surgery. Yet he has managed to start 29 of a possible 32 games the past two years, playing at a fairly high level over that span.

He signed a one-year, $6 million deal with the Eagles last offseason after starting all 16 games in 2018 despite suffering a torn biceps and a quad strain during the season. He suffered a season-ending ACL and MCL injury in 2017.

The Eagles moved up in the first round of last year's draft to select Peters' projected successor, Andre Dillard, 22nd overall. He started four games as an injury replacement his rookie season, with mixed success.

ESPN's Tim McManus contributed to this report.