Foles is a name that's been connected to the Jets for a while now, and those rumors have picked up in recent days with ESPN's Jeremy Fowler reporting that Foles has a "clear connection" to the Jets.
Fowler went on to say that a potential trade between the Chicago Bears and Jets makes sense for both sides and that it wouldn't be surprising to see Foles land in New York.
It's hard to argue against that notion either. Especially given what the jets are currently working with at the quarterback position.
Nick Foles would give the NY Jets much-needed quarterback depth
The Jets' quarterback room is on track to the most inexperienced QB room of all time. That's not a figure of speech either.
Of the three quarterbacks currently on the Jets' roster, not a single one of them has played in an NFL game before. It's literally impossible to get any more inexperienced than that.
Second overall pick Zach Wilson is expected to be the Week 1 starter and his performance at OTAs is a sign that he should be ready for such a role. But the depth behind Wilson is essentially nonexistent.
Former Dallas Cowboys' fifth-round pick Mike White is the current No. 2 quarterback on the depth chart. White has spent the better part of the last two seasons on the Jets practice squad and has only been active for a handful of games in his career.
Competing with White for the backup job is 2020 fourth-round pick James Morgan who hasn't done much to impress the coaching staff to his point.
The fact that White has struggled during OTAs and Morgan is still working behind him should tell you all you need to know.
The Jets need to add a veteran backup, and Foles could be the answer.
The Bears signed Andy Dalton and drafted Justin Fields this offseason leaving little room for Foles on the roster. Unfortunately, cutting him would cost them significantly more money than just keeping him on the roster.
But the Bears don't want to pay $6.66 million (Foles' 2021 cap hit) for a third-string quarterback. If they could find a taker for his contract, they'll certainly agree to trade him.
That's where the Jets come in.
General manager Joe Douglas crossed paths with Foles in Philadelphia and could be willing to take the former Super Bowl champion off the Bears' hands.
It's unlikely the compensation would be anything more than a swap of late-round picks, it would ultimately come down to whether or not the Jets want to take on Foles' contract.
The 32-year-old is still under contract in 2022 and is due over $10 million. There is a potential out, but that out would cost the team over $7 million in dead cap.
Foles' contract is heavy on guarantees.
Perhaps the Jets could convince Chicago to retain some of Foles' salary to ensure that the Jets don't have to pay him nearly as much this season and in 2022 if he's still on the roster.
If the two teams could make the financials work, this is a no-brainer for both sides.