After a long negotiation process, the Pro Bowl wide-out agreed to return to New York for five years at $43 million, FoxSports.com reported.
Cruz, a restricted free agent, was already under contract for the upcoming season for $2.9 million. The new deal reportedly includes a guaranteed total of $15.6 million.
The third-year player set a Giants record with 1,536 receiving yards and scored nine touchdowns on 82 catches during New York's 2011 Super Bowl XLVI championship run.
Last season, he compiled 1,092 yards and 10 TDs on 86 grabs, earning a selection to the Pro Bowl.
"We are pleased to have this behind us," Reese said. "Now Victor can focus on football."
"This is just another step to getting where I want to be at the end of my career," Cruz added. "I love to do well for my team and do well each and every year and continue to prove myself and not feel complacent and not feel I've done enough."