The Eagles and Goodwin agreed to a one-year, $1.35 million contract and can receive $1 million through incentives.
Goodwin, 29, is a former third-round pick of the Bills back in 2013. He spent four years in Buffalo before signing a two-year contract with the 49ers last year worth up to $8 million.
Goodwin was set to make just $1.45 million for the 2018 season when he agreed to a three-year, $20.3 million extension with $10 million guaranteed.
According to OverTheCap.com, trading Goodwin freed up $3,656,250 of available cap space while creating $1.25 million in dead money.
He was set to earn base salaries of $3,950,000 and $5,300,000 over the final two years of his agreement prior to being traded.
In 2019, Goodwin appeared in nine games for the 49ers and caught 12 passes for 186 yards and one touchdown. He also rushed for 15 yards.