Source: Sanchez wrapping up loose ends with Eagles

Mark Sanchez misses all of last season with the Jets due to a shoulder injury.

The Star-Ledger-USA TODAY Sports

Former New York Jets QB Mark Sanchez has reached a contract agreement with the Philadelphia Eagles later today, FOX Sports 1 NFL Insider Mike Garafolo and other media reported Thursday.

The general financial structure of the deal in in place, and Sanchez is expected to sign Friday after smaller details are worked out.

Garafolo reported the deal is for one year and worth a little more than $2 million in base value with almost $2 million in incentives for a maximum value of $4 million.

Sanchez, cut last Friday when the Jets signed Michael Vick, was drafted fifth overall in 2009. He missed all of last season with a shoulder injury suffered in the Jets’ third preseason game against the Giants — paving the way for rookie Geno Smith to start every game.

He had three years remaining on his contract with the Jets, the team saved $8.3 million in salary cap space by cutting him.

Sanchez has thrown for 12,092 yards in his NFL career with 68 touchdowns and 69 interceptions, but also had a league-leading 52 turnovers during the 2011-12 seasons.

The Associated Press contributed to this report