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Rodgers-Cromartie was entering the final season of a five-year, $35 million deal and had reportedly refused to take a pay cut. The move will save the Giants $6.5 million in cap space.
The team also had considered moving him to safety.
Rodgers-Cromartie, who played the slot corner role, failed to register an interception 2017 after tying his career-high with six the year before.
He thanked the Giants in an Instagram post late Sunday morning.
In 10 NFL seasons with five different teams, the 31-year-old has 30 interceptions -- returning six for scores -- and 145 passes defensed, twice making the Pro Bowl.
--Field Level Media