Nicks, 27, last played for the Giants in 2013, after turning down a contract offer to reach free agency. But from 2009-2013, Nicks had 27 touchdown catches and was the team's No. 1 receiver in 2011 with 76 receptions for 1,192 yards and seven touchdowns. He had 11 TD catches in 2010.
A foot injury curbed Nicks' development.
He signed a one-year deal with the Indianapolis Colts in 2014 and started six games, catching 38 passes for 405 yards and four touchdowns.
Nicks went unsigned since the end of the 2014 season but has worked out for several teams -- including spending training camp with the Tennessee Titans.
Cruz was slowed by injuries after missing most of last season with a torn patellar tendon. He eased back into practice only to strain his calf in September and multiple setbacks, most recently last Saturday, led to the decision to have surgery to fix the muscle tear.
Cruz was inactive for all 10 games this season.