The Giants informed Marshall that he was being released, according to Kimberley Martin of the Washington Post. General manager Dave Gettleman later confirmed the move during a press conference Thursday.
According to Gettleman, Marshall will be released with the failed physical designation after sustaining an ankle injury that ended his 2017 season.
Marshall, 34, signed with the Giants last year and played just five games before being placed on injured reserve. He had only 18 catches for 154 yards and no touchdowns in those games.
Marshall's production began to decline in 2016, when he had 59 catches for 788 yards with the New York Jets.
A six-time Pro Bowl selection, Marshall has had more than 100 receptions six times in his career and more than 1,000 receiving yards eight times, including 1,502 in 2015 with the Jets.
Marshall's departure will save the Giants over $5.1 million in cap space.