"I'm going to sign my tender today and will continue talks for a long-term deal before camp starts," Cruz told ESPN's Josina Anderson earlier Friday morning.
The move comes after months of stalled long-term extension negotiations.
The Giants had the option of reducing Cruz's tender to just over $630,000 on Monday although there was no indication the team was going to take that route, which could have potentially added tension to negotiations.
Cruz, 26, is coming off two incredibly productive seasons with a total of 168 catches for 2,628 yards and 19 touchdowns. But the two sides have been unable to reach an extension, which had kept him away from any of the team's offseason functions.
Signing the tender now gives Cruz the peace of mind of at least having some financial stability this season in case he were to get injured in the offseason before training camp. He will certainly continue to look to work out a long-term deal that will compensate him for the kind of numbers he put up the past two seasons. But if the Pro Bowl receiver wanted to hold out of camp in hopes of striking a more lucrative long-term extension, the team can fine him now that he is under contract.
Cruz switched agents from Malik Shareef to Tom Condon this offseason in hopes of landing a big deal. Co-owner John Mara said that the team made an offer that would make Cruz a rich man but both sides remained apart in negotiations.
"This is the right place for him to play," Mara told NFL Network recently. "He's a star in this area, he's an important part of our team, and I think we'll eventually get a deal done, but it's just a process that you have to go through. And we're going through it right now. There's communication, and it's slow but steady, and I think at some point we'll reach a deal."