The move frees $6.5 million for a team ranked in the bottom third in available cap space. The team had reportedly asked the 10-year vet to take a pay cut.
The Giants were also considering moving the longtime cornerback to safety under new head coach Pat Shurmur.
The much-traveled former first-round pick spent the past four years with the Giants. He didn't record an interception in 2017, failing to do so for the first time since 2011. He was also suspended by the team for one game for violating team rules and leaving the facility ahead of a practice.