The 30-year-old Cruz finished the 2016 season with just 39 catches for 586 yards and one touchdown in 15 games after coming back from major knee surgery.
Cruz would have counted $9.4 million against the team's salary cap in 2017. The Giants will free up $7.5 million in cap space with his release, according to ESPN.
"Victor is one of the great stories of the National Football League," general manager Jerry Reese said in a statement. "He came in here and earned everything that he's gotten. It has been amazing to see him grow from an undrafted free agent to a Pro Bowl player and one of our go-to guys during the Super Bowl XLVI run. He will always be one of the great Giants."
Jennings, the de facto No. 1 in a backfield committee the past two seasons, led the team with 593 yards rushing and three touchdowns, but averaged only 3.3 yards per carry -- the second-lowest total of his career.
Jennings would have counted $3,062,500 against the salary cap in 2017, and the Giants now free up $2.5 million in cap space by releasing him, according to ESPN.
"Rashad is a pro's pro, on and off the field," Reese said. "He came to work every day and did everything we asked him to do, and always worked extra to get better at his craft."
Cruz had back-to-back 1,000-yard seasons in 2011 and 2012 but struggled to regain that form since suffering a torn patellar tendon midway through the 2014 season. He missed the entire 2015 season.
Cruz wanted to return to the team that signed him as an undrafted free agent out of the University of Massachusetts in 2010.
"It's been an amazing journey," Cruz told the Giants' website. "I pretty much grew up in front of the eyes of this entire organization. The Giants fan base, the community, my hometown, my family. I grew up there. It's very much a family atmosphere and it's very much like leaving your family. That's what it feels like. I did some great things there. There are so many experiences, times and moments that I shared in that building with that team in that jersey. Those can't be replaced or forgotten. I'm happy I have those moments to look back on."
Jennings, who will turn 32 in March, yielded more playing time down the stretch to rookie Paul Perkins, who received double-digit carries in New York's final five games.
A seventh-round draft pick of the Jacksonville Jaguars in 2009, Jennings rushed for a career-high 863 yards to go with 40 receptions in 2015.
Jennings' career NFL totals include 3,772 rushing yards and 25 scores -- the majority of those yards and touchdowns in his three seasons with the Giants.
"It's an honor to play here, playing for a team that has so much history, a team that falls under great leadership and high character," Jennings said. "In the mecca of everything, the relationships I've built are priceless. The people, the fans, teammates, ownership, I've been blessed to play with the Giants and see that side of the NFL. I have nothing but good things to say."
Both Cruz and Jennings believe they can continue to produce in the NFL.
"I think I have a lot of good football left ahead of me," Cruz said. "I think there is still a lot of miles left on this body. I'll definitely be searching and looking for work as the time comes."
Jennings said, "That's the least of my worries. "When (Jerry Reese) called me, I was in the gym. I'm in Florida right now training. I had to step out to talk to him. He said, 'I didn't expect anything less for you to be training right now.' He encouraged me, 'that's why you can continue to play. You take care of your body and do the little things.' I know me and my skillset that I bring to the table. I have more football left in me. I'm a vet, a leader, a motivator, can do anything. I finished the league in the top five in pass protection. I can catch out the backfield, run the ball, play special teams and I want to win the championship. Yes, I have more football left."