The Pro Bowl quarterback was designated as the team's franchise player Feb. 15. He signed the franchise tender Wednesday.
Under rules of the collective bargaining agreement that expires at midnight Thursday, a team must pay a franchise player the average of the top five salaries at his position. Vick would make an estimated $20 million under this tag.
Vick led the Eagles to a 10-6 record and the NFC East title after replacing an injured Kevin Kolb in Week 1. Despite missing three games with an injury, Vick had his best season. He set career highs in passing yards (3,018), passing touchdowns (21), rushing touchdowns (9), completion percentage (62.6) and passer rating (100.2).
Vick was voted The Associated Press Comeback Player of the Year after missing two seasons while serving a federal prison sentence for dog fighting and playing sparingly in 2009.