After weeks of speculation, the Philadelphia Eagles have officially informed Nick Foles that they are exercising his 2019 contract option.

ESPN's Tim McManus was the first to break the story.

While there has been some speculation as to whether, ultimately, Foles would be re-signed to the team, Philadelphia ultimately decided to shell out the $20 million to keep him on.

However, just because the team has decided to exercise the 2019 option, it doesn't mean that Foles will ultimately end up on the team.

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Foles has five business days to accept the offer, and play on the team for $20 million for the year. If he chooses not to take the offer, he has to pay back $2 million to the team to void out the contract.

There is some speculation that Nick Foles will take the latter option, so that he could enter free agency. If that happens, however, the Eagles still have an option to block him from entering free agency. To do so, they would have to use the franchise tag on him.

The Eagles will have from February 9 until March 5 to apply the franchise tag to Foles; some spectators, like Adam Schefter, believe that the Eagles will both tag and trade the 2018 MVP.

If Nick Foles is ultimately tagged, the Eagles have to make sure they can actually trade him; if they fail to do so, Foles could have a $25-plus million salary guaranteed on the books in 2019. The next move now is to see what decision Foles ultimately makes about his future.