That would put Foles in line to become a free agent, but the Eagles could further complicate that by using the franchise tag on Foles.
According to Rapoport, Foles could be traded after the Eagles pick up the option. ESPN's Adam Schefter reported Saturday that the franchise tag is expected for Foles and that other teams have contacted the Eagles about his potential availability.
"Either way, it's a little bit of a game of chicken right now", Rapoport said on "Super Bowl LIVE". If he chooses to void it, he would have to pay back a $2 million signing bonus.
Eagles head coach Doug Pederson and general manager Howie Roseman both backed Wentz last month as the team's starter. Philadelphia won its first-ever Super Bowl following the 2017 season and lost this year to New Orleans in the National Football League divisional round.
The Eagles could pick up the option and try to trade Foles.
A major question mark heading into the 2019 campaign involves the reigning Super Bowl MVP, Nick Foles. This season, Foles threw for 1,413 yards, seven touchdowns and four interceptions.