A person familiar with the trade says the Jaguars have agreed to send quarterback Nick Foles to the Chicago Bears for a compensatory fourth-round draft pick, No. 140 overall.

The person spoke to The Associated Press on condition of anonymity because trades can’t become official until after the league year begins Wednesday afternoon.

The Jaguars are dumping Foles a little more than a year after giving the 2018 Super Bowl MVP a four-year, $88 million contract that included a whopping $50.125 million guaranteed.

The Bears are getting a veteran starter to compete with Mitchell Trubisky, who struggled in his third season.

The Bears were hoping he would take a big step last season — his second in coach Matt Nagy’s system — but that did not happen. His yards (3,138), completion rate (63.2 percent), touchdowns (17) and rating (83) all dropped from the previous year.

Foles, meanwhile, completed 77 of 117 passes for 736 yards with three touchdowns and two interceptions in four games last season. He also ran four times for 23 yards and lost two fumbles.

He was the most coveted free-agent quarterback on the market in 2019 after leading Philadelphia to four playoff victories over two seasons, including the franchise’s first NFL title since 1960. He earned 2018 Super Bowl MVP honors and a season later made himself the league’s top QB commodity.

Foles is due to make $15.125 million in 2020 and would have counted $21.837 million against Jacksonville’s salary cap. Dealing him will still be costly for the Jaguars — they will take on $18.75 million in dead money this fall — but it will free up about $35 million over the next two years.

Jacksonville saves a little more than $3 million in 2020 by trading him.