Cesar Tordesillas

Quarterback Michael Vick has agreed to restructure his contract with the Philadelphia Eagles, signing a one-year deal that could earn him as much as $10 million next season.

"My heart is in Philly and this community is important to me. I look forward to playing for coach Chip Kelly Kelly, owner Jeffrey Lurie and the entire Eagles organization, the city of Philadelphia and the fans," Vick said in a statement.

"I am training hard this offseason and will be ready for Coach Kelly's team vision and leadership. Our goal is to win," Vick added.

The new deal, which replaced the six-year, $100 million contract he signed in 2011, will give Vick a chance to compete for the starting job with Nick Foles, according to Kelly.

"The one thing that attracted me to Michael after visiting with him, he's a competitor," Kelly said. "I don't think Michael is afraid of anything. He wants competition. I've seen Nick up close and personal and I think Nick wants it too," Kelly said.

Kelly stressed that both Vick and Foles will work with the first-team offense during the team's pre-draft mini-camp in April, saying it's an open competition and the job will be won on the practice field.

In 10 games last season, Vick tallied 2,362 yards, 12 touchdowns and 10 interceptions. However, Vick's injuries and inconsistencies have paved the way for Foles to start in six games.

A year after signing with the Eagles in 2009, Vick led them to an NFC East title and a huge 38-31 win over the New York Giants where he rallied the team from a 21-point hole.

During that season, Vick finished with 3,018 yards passing, 676 yards rushing and 30 total touchdowns.

At 32, Vick was not the same quarterback as he was two years ago but that did not concern Kelly at all.

"He's younger than Dallas quarterback Tony Romo, and he's right about the same age as Giants quarterback Eli Manning," Kelly said.

Foles, for his part, finished the 2012 season with 1,699 yards, six touchdowns and five interceptions while running for 42 yards and a touchdown as a six-game starter.

Michael Vick Agrees to One-Year Restructured Deal with Eagles - NFL 2013