The long-term deal is an extension of the one-year tender worth $2.879 million he signed in June. According to FOX Sports' Mike Garafolo, the deal is worth $45.879 million through the 2018 season.
Cruz is expected to sign the contract by Tuesday.
It was previously reported that the Giants were hoping to pay Cruz around $8 million annually, while Cruz was seeking $9 million. ESPN's Chris Mortensen reported the deal was expected to be a compromise somewhere in the middle.
Early indications were that Cruz was looking to get between $15-18 million guaranteed, and Glazer reported the deal includes $15.6 in guarantees. The New York Daily News' Ralph Vacchiano is being told it's a little more than $15 million, which is on par.
Cruz's deal is worth more than $2 million more per year than what the New England Patriots dished out to Danny Amendola earlier this offseason. It is also greater than the $6 million per year Wes Welker signed for with the Denver Broncos, though Welker is already 32 years old.
Cruz will hit free agency again when he is 31 years of age.
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