The person told The Associated Press the team is not ready to announce the move but reports the 25-year-old would not be back with the Giants were accurate. NFL Network was first to report the transaction.
Rosas was arrested in mid-June after being involved in a hit-and-run accident in Chico, California. He was charged with three misdemeanors.
The police report said his SUV failed to stop at a red light and collided with a pick-up truck. Rosas left the scene on foot but was later picked up by police and charged with misdemeanor hit-and-run and driving with a suspended license.
Rosas had signed a $3.2 million tender offer for the 2020 season.
The Giants are scheduled to report to training camp Tuesday. The team will undergo testing for COVID-19 and then do conditioning and walk-through workouts. Practice is not planned for at least two weeks.
Rosas has been the Giants placekicker since 2017. He made the Pro Bowl after making 32 of 33 field goal attempts in 2018. He struggled last season, hitting 12 of 17 field goal attempts.
It is not clear what the Giants intend to do with cornerback DeAndre Baker, the third of their three first-round picks in 2019. He was arrested in May on armed robbery charges involving the alleged theft of more than $12,000 in cash and several luxury watches at a card party. He pleaded innocent.