The Falcons and quarterback Matt Schaub reached agreement on a two-year, $9MM deal, sources tell Adam Schefter of ESPN.com (on Twitter). Schaub will continue serve as the backup to starter Matt Ryan. 
Schaub, 36 in June, spent last season with Atlanta and wound up appearing in five games. There was some speculation that he could have signed on with the Niners to be a transitional starting quarterback, but that option went away moments ago when SF signed Brian Hoyer.
Schaub now appears poised to end his career back where it all began. He entered the league as a third round pick of Atlanta in 2004 and spent three years as a backup. In 2007, he moved on to Houston where he had mixed results as a starter. He turned in a solid effort in 2012 and earned a 12-4 record as a starter. In the following year, however, he stumbled badly, leading to his exit. After stints with the Raiders and Ravens, Schaub hooked on with Atlanta prior to the 2016 campaign.