Michael Vick will be a Chip Kelly quarterback after all.
FOXSports.com has learned that the Philadelphia Eagles are not parting ways with Vick despite months of rumors to the contrary. The team and Vick worked out a restructured three-year contract on Monday, just two seasons after he signed a $100 million extension that included $35.5 million in guaranteed money.
The new deal is essentially for one-year, however. A source familiar with the contract told The Associated Press that Vick could earn up to $10 million in 2013 if he meets all his performance incentives, and the team will void the remaining two years on March 15.
Vick, 32, fits Kelly's up-tempo offense. He was guaranteed $3 million next season as part of his $15.5 million base salary before agreeing to a restructured contract.
Vick threw for 2,362 passing yards, 12 touchdowns and 10 interceptions in his fourth season with the Eagles but was sidelined for six games after suffering a concussion against the Dallas Cowboys on November 11.
Nick Foles was later named Vick's replacement for the rest of the season but missed the Eagles' Week 17 game against the New York Giants after breaking his hand the week before against the Washington Redskins. Vick started at quarterback against the Giants in a 42-7 loss.
Kelly was noncommittal at his opening press conference on Jan. 17 on the quarterback situation.
''I'm going to look at everybody,'' he said. ''If you can throw the ball and run, I'm going to take you out there. We're going to look at everything we can do to put the best product on the field and that's what it's all about. I've followed Michael's career and I understand what a talent he is. But there is nothing that's on the board right now, there's nothing that's off the board right now.
Vick was signed by Philadelphia in 2009, and became the starter in 2010. He led the Eagles that season to an NFC East title, and a memorable 38-31 December win over the Giants in which he rallied the team from a 21-point deficit.
''Our sole focus and goal is that we're going to put an offense on the field that's going to score points,'' Kelly said. ''That's basically what we're going to do and whoever that is, I don't know that. There's nobody ruled in, there's nobody ruled out.''
There are questions, of course, about Vick's durability and his age, as he now seems far removed from that resurgent 2010 season. He finished that year with 3,018 yards passing, 676 yards rushing and 30 total touchdowns.
''He's younger than (Dallas quarterback) Tony Romo, and he's right about the same age as (Giants quarterback) Eli Manning,'' Kelly said. ''The only reason I say that is because I told Michael that this morning, and he didn't know.''
Vick only played in 10 games last season, and in the finale vs. New York, he had a quarterback rating of just 68.4.
''I looked at the films, and studied the tape. When you look at Michael, it's his toughness. That cannot be overrated at all,'' Kelly said. ''We looked at his skillset. He still has that skillset. He can still throw the football.
''He's got an unbelievable release, and it's our job as coaches to make sure he can get the ball out quickly.''
All told, Vick has started 35 games for Philadelphia over the last three seasons. Foles has started six. The Eagles scored just 280 points last season as they endured an eight- and a three-game losing streak. Only Arizona (250) scored fewer in the NFC.
When asked which quarterback would work with the first-team offense in training camp, Kelly smiled and quickly showed he's going to be able to handle the Philadelphia media just fine.
''We'll go alphabetical,'' he said with a grin. ''First name? Last name? We'll flip a coin.''