Brandon Jacobs is being released by the New York Giants, the Star-Ledger's Mike Garafolo reports via Twitter.

BREAKING: Giants will release RB Brandon Jacobs today, per a source. Sides couldn't come to a financial agreement. Blog coming. #nyg

— Mike Garafolo (@MikeGarafolo) March 9, 2012

This really can't be that stunning a development. Jacobs was due more than $4 million in salary and roster bonuses this season. Jacobs would have had to accept a steep pay cut to stay with the Giants, and apparently were unable to do that.

Jacobs spent seven seasons with the Giants, gaining 4,849 yards and averaging 4.5 yards per carry. His role had been reduced the past couple of seasons as Ahmad Bradshaw became the primary back. Jacobs' average of 40.8 yards rushing per game in 2011 was his lowest since he took over for Tiki Barber in the 2007 season.

This could mean an opportunity in training camp for Da'Rel Scott, a seventh-round pick a season ago. It could also mean the Giants will be drafting a running back next month.

What were your favorite Jacobs' moments with the Giants?