The Giants and Darius Slayton have agreed to a pay cut after deciding not to trade or release the fourth-year wide receiver, according to Newsday's Tom Rock.

Slayton's salary drops from $2.54 million to the league minimum of $965,000, saving the team $1.6 million against the cap. He could earn some of that money back depending on playtime incentives.

The 24-year-old out of Auburn caught 48 passes for eight touchdowns and 740 yards over 14 games (nine starts) during his rookie season in 2019. He followed that up with 50 receptions for 751 yards over 16 games (15 starts) in 2020, but his touchdowns dropped to only four. Last season the Giants brought in free-agent Kenny Golladay and drafted Kadarius Toney, causing Slayton's production to fall. He played in just 13 games (five starts) and recorded only 26 receptions for 339 yards and two scores.

ESPN's Adam Schefter reported on Aug. 29 that the Giants received traded inquiries for Slayton, and head coach Brian Daboll said he believed GM Joe Schoen was “open for business.”

Slayton spoke after the Giants' preseason finale against the Jets and said he wouldn't be surprised if he was cut and added that he "showed some flashes" during training camp.

"I definitely think throughout camp I made plays, for sure," Slayton said. "I think I showed up in some spots, showed some flashes and hopefully, it was enough."

Slayton is currently the last WR on the Giants depth chart for their Week 1 matchup against the Tennessee Titans, as Golladay, Toney, and rookie Wan'Dale Robinson earned starting spots.

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