New York informed Rodgers-Cromartie on Sunday that he is being released, according to a report by ESPN.
The news comes one day after a report by the NFL Network that the team asked Rodgers-Cromartie to take a significant pay cut for the 2018 season.
With Rodgers-Cromartie scheduled to make $6.5 million, the Giants opted for a cost-saving move for a player that was reduced to nickel cornerback duties last season.
The 31-year-old Rodgers-Cromartie started five of 15 games last season and failed to record an interception for the second time in his career.
Reports surfaced earlier this month that the team was planning to shift Rodgers-Cromartie to safety, but the New York Post on Thursday refuted that notion, saying the team's coaching staff was unaware of any such thinking.
Rodgers-Cromartie was a first-round draft pick (No. 16 overall) of the Arizona Cardinals in 2008. A two-time Pro Bowl selection, he has 30 interceptions in 10 seasons with the Cardinals, Philadelphia Eagles, Denver Broncos and Giants.