NEW YORK (Reuters) - Quarterback Michael Vick, released in May after a 23-month jail sentence for bankrolling a dogfighting ring in rural Virginia, has signed a two-year contract with the Philadelphia Eagles, ESPN reported on Thursday.

Vick's signing was confirmed by the player's agent Joel Segal according to ESPN, who reported that the Eagles will hold a news conference on Friday to announce the deal.

The first year of Vick's Eagles contract is for $1.6 million, FoxSports.com reported. If the Eagles want to keep him for a second year, they will need to pay $5.2 million, the website said.