The 31-year-old Wallace spent the past two seasons in Baltimore and had 52 catches for 748 yards and four touchdowns last year. The deal announced Thursday is reportedly worth up to $4 million.
Wallace has 538 receptions for 8,072 yards and 57 TDs in nine seasons with four teams. He is one of 10 active NFL players with 8,000 career yards receiving and 500 career receptions, joining Antonio Brown, Larry Fitzgerald, Antonio Gates, A.J. Green, DeSean Jackson, Julio Jones, Brandon Marshall, Demaryius Thomas and Jason Witten.
Wallace was voted to the Pro Bowl in 2011 and has three 1,000-yard seasons, including 2016 for the Ravens.
The Super Bowl champion Eagles traded veteran receiver Torrey Smith to Carolina and Wallace fills the need for a deep threat.
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