No monetary figure was disclosed by the reigning 2007 Super Bowl champions, but the New York Post reported that the 6-foot-5 inch Burress will be paid $35 million -- $11 million this season.
Burress, who had three years remaining on the deal he signed in 2005, is under contract through the 2012 season.
"We always remained hopeful that it would get done before the season started," General Manager Jerry Reese said. "It came down to the last few minutes and we're happy to get it done so we can move forward in our season."
The first-round pick by Pittsburgh in the 2000 NFL draft out of Michigan State led the Giants last year, despite several injuries, with a career high 12 touchdowns on 70 receptions for 1,025 yards.