Michael Vick is returning to the NFL with the Philadelphia Eagles, where he'll team with a widely respected owner, coaching staff and quarterback.

Vick's agent Joel Segal confirmed the signing Thursday night, shortly before the Eagles announced it in a text message.

The team gave Vick, a former Virginia Tech and Atlanta Falcons star, a one-year deal with an option for a second year. According to FoxSports.com, the first year of the deal is for $1.6 million with the option for the second year at $5.2 million.

However, The Philadelphia Inquirer reported late Thursday that none of the money is guaranteed, citing an Eagles source.

The $1.6 million is more than twice the minimum salary for a player with Vick's tenure, but far shy of the $9 million he was scheduled to earn in 2009 with his record-setting Atlanta deal. Vick, 29, has declared bankruptcy.

By halftime of the Eagles' preseason game against the Patriots on Thursday, the Linc, Philadelphia's home field, was buzzing with the news.

"We don't need another quarterback, especially him," longtime fan Donald Crispin said.

Vick is in Philadelphia and the Eagles will hold a news conference at 11 a.m. today to announce the signing.

He taped an interview earlier this week to air Sunday on "60 Minutes."

"Everybody we talked to said the same thing," Eagles president Joe Banner told the Philadelphia Daily News on Thursday, "that [Vick] was remorseful and had gone through an incredible transformation, that he was basically good at heart. We heard this over and over again from people who felt he deserved a second chance."

According to The Philadelphia Inquirer, an Eagles source said that quarterback Donovan McNabb was informed of the team's interest in Vick and fully supported the idea. The source said that Vick and McNabb are close friends.

Vick, the source said, is not coming to Philadelphia to challenge McNabb for the starting quarterback job. Instead, he will be incorporated into the Eagles' offense in a number of ways, including the Wildcat formation that the team used sparingly last season, with rookie wide receiver DeSean Jackson taking the snaps.

The Eagles source indicated that Vick will also be used as a wide receiver at times.

McNabb is entering his 11th NFL season, all with Philadelphia. While leading Virginia Tech in 1999 and 2000, Vick often was compared to McNabb and expressed admiration of his talents.

Philadelphia head coach Andy Reid and offensive coordinator Marty Mornhinweg are as established as McNabb. Reid is a two-time NFL coach of the year, and Mornhinweg runs a West Coast offense similar to what Vick used in Atlanta.

Vick has not played pro football since 2006. He served 18 months in jail on a federal conspiracy charge related to a dogfighting ring and was suspended indefinitely by the NFL.

Under the terms of his recent reinstatement, Vick is eligible to practice immediately.

He can participate in the Eagles' final two preseason games, Aug. 27 at home against the Jacksonville Jaguars and Sept. 3 at the New York Giants.

NFL commissioner Roger Goodell has yet to finalize when Vick can play during the regular season. He is set to decide by mid-October at the latest.

If Goodell keeps Vick sidelined until then, Vick could make his regular-season debut with Philadelphia in a Monday night contest Oct. 26 at the Washington Redskins.

In another scheduling quirk, the Eagles play at Vick's former team, the Falcons, in Atlanta on Sunday, Dec. 6.

In the Eagles, Vick joins a franchise seemingly well-equipped to handle possible protests of his signing.

However, the Eagles were among 26 clubs that recently said there was no interest in signing Vick.

An Eagles source told The Philadelphia Inquirer that Reid's interest in Vick heightened late last week and the Eagles started talking to a long list of people involved with the quarterback, starting with Dungy.

The Eagles also talked to Goodell and came away convinced that the commissioner also felt that Vick deserved a second chance to play in the NFL.

Under owner Jeffrey Lurie's stewardship, the team is a perennial contender and last season advanced to the NFC championship game before losing to the Arizona Cardinals.

A three-time Pro Bowl selection, Vick in his prime was considered the fastest quarterback in NFL history and is the only player at his position to rush for more than 1,000 yards in a season.

The animal rights group, People for the Ethical Treatment of Animals, wasted no time Thursday reminding people exactly what Vick had done.

"PETA and millions of decent football fans around the world are disappointed that the Eagles decided to sign a guy who hung dogs from trees. He electrocuted them with jumper cables and held them under water," PETA spokesman Dan Shannon told The Associated Press.