To this point, those connections have purely been speculation on the part of fans and media. It makes sense though given Foles' history with general manager Joe Douglas and the fact that he's likely the odd-man-out in Chicago.
Foles makes sense for the Jets, and it appears as though the team is interested.
Brian Costello of the NY Post reported on Tuesday that "the Jets and Bears have had discussions" about a potential Foles trade. However, he did also indicate that a deal "seems unlikely," at least at this time.
The NY Jets have inquired about Nick Foles.
This is the first concrete evidence we have that the Jets have been actively searching for a backup quarterback, at least since they brought in veteran Brian Hoyer for a visit prior to the 2021 NFL Draft.
Foles is likely the ideal man for the job from a logistical standpoint, but there are a few financial obstacles to overcome.
Foles would carry a cap hit over $4 million into the 2021 season if he were to be traded — a figure the Jets aren't willing to pay. As Costello states, the Bears would have to eat some of that salary for a deal to happen.
Costello also breaks down why simply waiting for him to be released isn't exactly a fruitful strategy either. Foles would carry a dead cap charge of $14 million if released meaning that there's virtually no chance he's just outright cut.
Ultimately, the Bears will have to eat some of Foles' salary and the Jets will have to be more willing to pay a little extra for this deal to get done.
In terms of potential compensation, don't expect anything more than, say, a sixth-round pick. Fortunately, the Jets have three of those in their back pocket for next year's draft.
The Jets haven't shut the door on adding a veteran backup quarterback before the season starts, but they have publicly expressed support for the players they have on the roster.
That said, it's hard to trust the duo of Mike White and James Morgan as the Jets' primary backups heading into the 2021 season.
The Jets need a backup quarterback. And they've at least explored adding Nick Foles to solve that problem.