Nicks had battled through pain in his surgically repaired foot and had swelling in his knee earlier in the season but appeared to be getting healthier as he wasn't on the injury report last week.
But Nicks is on the injury report now and coach Tom Coughlin said the receiver experienced swelling again.
"He did, so we are going to rest him today," Coughlin said.
Nicks walked by reporters at the team facility Wednesday and was asked how he is feeling. He said: "I'm good." It remains to be seen whether Nicks will practice on Thursday. The Giants were very cautious with Nicks when he last had swelling earlier in the season.
Nicks is one of several Giants who did not practice on Wednesday. Running back Ahmad Bradshaw (foot), linebacker Chase Blackburn (hamstring), defensive tackle Chris Canty (groin), right guard Chris Snee (ankle) and linebacker Jacquian Williams (knee) sat out practice.
Coughlin said the team plans to rest Phillips (knee) through the team's bye week next week and hopes to have him ready for the Green Bay game on Nov. 25.
Phillips practiced on a full basis last Wednesday and went through limited practices on Thursday and Friday and said he was ready to return. But the Giants kept him inactive for last Sunday's game against Pittsburgh.
Coughlin said Phillips did not suffer a setback to his MCL, which he injured against Philadelphia on Sept. 30.
"He had been doing some practicing," Coughlin said. "It is not a setback. I think what is going to happen is we are going to try to rest him this week and then through the bye and hopefully we get him back."
Coughlin also hopes Bradshaw will practice once this week, perhaps Thursday.