Shepard was set to enter the final season of his current contract, which had a base salary of $1.2 million. The agreement would make the Oklahoma product the Giants' highest-paid receiver.
New York originally selected Shepard in the second round of the 2016 NFL Draft. He started all 16 regular-season games in his rookie season and had an immediate impact. He recorded 65 catches for 683 yards and a career-high eight receiving touchdowns.
Shepard had career highs in catches (66) and yards (872) and tallied four touchdowns last season. In his three campaigns with the Giants, he has 190 receptions for 2,286 yards and 14 touchdowns, averaging 12 yards per catch.
With the departure of Beckham and Tate's unfamiliarity with head coach Pat Shurmur's offensive scheme, the franchise could rely on Shepard heavily in the 2019-20 season.