Tyree told reporters during a visit with the team in June that he thought the end was near for his seven-year career. The special-teams standout will hold a conference call Friday morning to announce his decision.
Tyree will always be remembered for one of the greatest catches in Super Bowl history when he snagged a desperation heave from Eli Manning and secured the ball with the aid of his helmet while Rodney Harrison was draped all over him.
The miraculous catch helped set up the winning touchdown against the Patriots in Super Bowl XLII.
Hilliard, 34, played in 98 games and started 92 for the Giants between 1997-2004. He finished fifth in franchise history in receptions with 368 catches for a total of 4,630 yards and 27 touchdowns. Hilliard also played four years with Tampa Bay, his last season coming in 2008. He currently is the wide receivers coach for the Florida Tuskers of the UFL.
Tyree, 30, played for the Ravens last season and was hoping to land with another team this season before deciding to retire. He finishes his career with 85 special teams tackles, 54 receptions for 650 yards and four touchdowns and one unforgettable Super Bowl catch.
"At the end of the day I am a Giant," said Tyree, who played in five seasons for the Giants and made the 2005 Pro Bowl for his special-teams play. "My greatest moments have been here, my greatest memories are here. That is why I am here today.
"It is very likely I could shut it down and I won't have any qualms about it. Like I said two years ago, I had to be happy [if it was over]. It's been a crazy ride."