Josina Anderson breaks down why Nick Foles agreed to terms with the Chiefs, and what reuniting with head coach Andy Reid could mean for his career. (1:12)

The Kansas City Chiefs and former Los Angeles Rams quarterback Nick Foles have agreed to terms on a contract, sources confirmed Wednesday night to ESPN.

The deal will be for one year with a team option for a second season, a source said. Foles will get $1.75 million this year, plus incentives. The team option for the second season ranges between $6.75 million and $16 million, based on his 2016 performance, and includes incentives, a source said.

Foles will reunite with Chiefs coach Andy Reid, who was head coach of the Philadelphia Eagles when that team made Foles a third-round draft pick in 2012.

Foles will back up Alex Smith, who is entering his fourth season with the Chiefs. Tyler Bray and Aaron Murray are also among the Chiefs' backup options at quarterback with training camp underway.

The NFL Network first reported the Chiefs' pending deal with Foles.

For his career, Foles has a 19-16 record with 53 touchdown passes and 27 interceptions. The Rams released him before training camp after being unable to swing a trade.

The Chiefs had been one of at least three teams that were considering acquiring Foles.

The Cowboys had discussions with Foles' agent about making Foles a possible replacement for the injured Kellen Moore. The Minnesota Vikings also expressed interested in Foles, a source told ESPN.

Information from ESPN's Dan Graziano, Adam Schefter and Todd Archer was used in this report.