The Eagles will receive a 2021 third-round pick and a conditional 2022 second-round pick, which could turn into a first-round pick from the Colts in exchange for Wentz, league sources confirmed to ESPN's Adam Schefter and Chris Mortensen.
Wentz was selected by the Eagles at No. 2 overall in the 2016 NFL Draft and found quick success, earning a Pro Bowl appearance during his second season, which resulted in the franchise's only Super Bowl victory.
However, Wentz was injured late in the 2017 season and backup Nick Foles took over in his absence, leading Philadelphia to its historic playoff run.
The Eagles opted to keep Wentz instead of Foles the following offseason, due in large part to their investment into the former No. 2 overall pick as their franchise quarterback, and later signed Wentz to a four-year, $128 million extension in 2019.
But the former North Dakota State standout struggled in fifth NFL season, which led to rookie backup Jalen Hurts taking over as the Eagles' starter in the team's final four games.
The Colts had a need at quarterback prior to acquiring Wentz on Thursday following the retirement of Philip Rivers, who started 16 games during his lone season in Indianapolis in 2020.
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