The Philadelphia Eagles and veteran wide receiver Mike Wallace have agreed to a one-year deal, according to Peter Schrager of Fox Sports. NFL Media's Ian Rapoport reports that the contract is worth $2.5 million, with incentives, and Adam Schefter of ESPN adds that the deal could be worth up to $4 million.

The addition of Wallace immediately fills the void left by veteran wideout Torrey Smith, who they traded to the Carolina Panthers last week in exchange for cornerback Daryl Worley. The 31-year-old spent the 2017 season with the Baltimore Ravens where he was one of their top receiving threat in the passing game, recording 52 receptions on 92 targets for 748 receiving yards and four touchdowns in 15 games played.

His production significantly dropped off from his first campaign with Baltimore, where he had 72 catches for 1,017 receiving yards and four touchdowns, marking the third time in his career with at least 1,000 receiving yards. He hit the free agent market after his two-year, $11.5 million deal expired this offseason.

There was an expectation that the Ravens would let him walk after making some major changes to their receiving corps, as they also released former Pro Bowl wideout Jeremy Maclin and let tight end Benjamin Watson test free agency. On top of that, the team brought aboard Michael Crabtree on a three-year, $21 million deal and held a visit with restricted free agent Willie Snead on Wednesday.

Since departing from the Pittsburgh Steelers after spending his first four years in the league with the team, Wallace has bounced around playing for the likes of the Ravens, Minnesota Vikings, and Miami Dolphins. The Eagles now mark the fifth team that he will take the field for in his first 10 years in the league.

Wallace could provide a similar element to the Eagles' offense that Smith brought as a deep-ball threat with significant speed. There is an opportunity in front of him to quickly etch out a dependable role in the passing game alongside wide receivers Alshon Jeffery and Nelson Agholor, and tight end Zach Ertz.