The expected move saves the Giants $2.75 million against the salary cap.
Bethea, who turns 36 on July 27, is a three-time Pro Bowl selection who provided a veteran presence at the back end of the secondary for the New York Giants after signing a two-year deal last offseason. He served as a team captain in his first season with the team.
Bethea appeared to lose a step or two in his 14th NFL season despite leading the Giants with 110 tackles -- his eighth season with 100 or more.
In 2018, Bethea started 16 games for the Arizona Cardinals and set a career high with three sacks. He also had 4 passes defensed, a forced fumble and 121 tackles. In 2017, he notched a career-best five interceptions for the Cardinals.
He started his career with the Indianapolis Colts, where he played eight seasons and won a Super Bowl. In addition to the Giants and Cardinals, he has also spent time with the San Francisco 49ers. For his career, Bethea has 1,333 tackles, 9.5 sacks, 25 interceptions, 9 forced fumbles (7 recoveries) and a defensive touchdown.