Schefter adds that Flacco is receiving a one-year, $3.5 million deal plus incentives.
Flacco, 37, is a former first-round pick of the Ravens back in 2008. The Broncos agreed to trade a 2019 fourth-round pick to the Ravens for Flacco.
Flacco was in the fourth year of a six-year, $125 million contract that contained $44 million guaranteed and set to make a base salary of $20.25 million for 2020 when Denver released him with a failed physical designation.
He signed a one-year contract worth $1.5 million worth up to $4.5 million with the Jets in 2020 before joining the Eagles last offseason. Philadelphia traded him to the Jets ahead of the deadline for a conditional sixth-round pick.
In 2021, Flacco appeared in two games for the Jets and completed 64.3 percent of his passes for 338 yards, three touchdowns and no interceptions.