The move will save the squad $945,000 against the cap for the upcoming season.
The 29-year-old was brought on midway through the 2013 season after David Wilson’s career-ending neck injury.
In Hillis’ two seasons with the Giants, he appeared in just 16 games. The back was placed on injured reserve in November for the second season in a row due to concussions.
In his seven-year career, Hillis had one stellar season with the Cleveland Browns in 2010 when he racked up over 1,650 yards and 13 touchdowns. Those numbers earned him the spot on the cover of Madden.
Hillis averaged four yards per carry in his limited play last season. The 240-pounder could still help a team by running plays for smaller yardage.
The running back’s future in the NFL is uncertain. Teams will be concerned about Hillis’ current health situation.
However, the organization could also be looking at the top-notch backfield options that present themselves in the upcoming draft.
The Giants have selected a running back in each of their last four drafts (seven of their last 10) and they tend to pick them in either the fourth or seventh rounds.
Big Blue needs a hitting threat, like a David Wilson, who can catch out of the backfield and possibly take the ball the distance.
There are a few players in the draft the Giants should keep an extra eye on.
Miami back Duke Johnson plays with good timing on the ball, can change direction without breaking stride and plays the game tough, especially when running through holes.