"With the addition of Nick Foles, it's exactly what we talked about from the start - we want to create competition," said Pace. "We've talked to both players and it's an open competition."
Pace said in December that Trubisky would be the team's starter in 2020 despite the former No. 2 pick's struggles last season.
But the Bears quickly changed course, trading a fourth-round pick to the Jacksonville Jaguars for Foles in a move that was made official Tuesday. Chicago also gave Foles a restructured contract.
"What we're trying to do is what's best for the Chicago Bears," said head coach Matt Nagy. "Plain and simple."
Foles, 31, lasted just one season in Jacksonville after signing a four-year, $88-million deal with the Jaguars as a free agent. The former Super Bowl MVP started just four games last year due to a collarbone injury and was outperformed by rookie Gardner Minshew.
Trubisky, meanwhile, was one of the worst quarterbacks in the league in 2019. The 25-year-old ranked 27th in touchdown passes (17) and 28th in both total quarterback rating (39.5) and passer rating (83.0).
With his future in Chicago likely on the line, Trubisky is apparently invigorated by the prospect of a battle with Foles.
"You could feel how much of a competitor Mitch is," said Nagy. "He’s embracing it and he's excited to get back to work."