Reports: Giants release WR Victor Cruz after seven seasons
Cruz played in 15 games this season and finished with 586 yards and a touchdown on 39 receptions.
He was slated to earn $9.4 million next year. He was also due a $1 million roster bonus in March.
Before the 2016 season, he took a pay cut and reduced his salary from $7.9 million to $1.3 million with playing time bonuses and incentives.
Cruz told reporters that he anticipated returning to New York after the Giants lost to the Green Bay Packers in the NFC Playoffs.
The Giants will also reportedly release running back Rashard Jennings, according to Jordan Raanan of ESPN.com.
The Giants will report for offseason workouts in April.