Jacobs spent his first seven NFL seasons with the Giants before his release prior to the 2012 season. He played last year with the 49ers.
McGahee found success the past two seasons with the Broncos, though his 2012 campaign was cut short due to an ACL tear.
The Giants are also working out former Jets running back Joe McKnight, according to the report.
With Andre Brown on short-term IR, the Giants need a capable running back to step in and help a running game that struggled against the Cowboys Sunday night. David Wilson, who had just 19 yards on seven carries, lost two fumbles and was benched. He was replaced by Da'Rel Scott.
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This story originally appeared on Nationalfootballpost.com
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