According to Chris Wesseling of NFL.com, the Giants have made Cruz an offer for a new contract.
The offer for Cruz is reportedly worth over $7 million per season for either three or four seasons.
Wesseling also reports that the guaranteed money part of the deal is a "sizable amount" when he talked to Giants co-owner Steve Tisch.
Cruz was given a first-round tender by the Giants on March 11, which would allow the Giants to claim a first-round pick in the 2013 NFL draft if a team gave an offer sheet to Cruz.
Plus, the Giants could match any offer that team gave Cruz, which has yet to happen.
According to Adam Schefter of ESPN, it was very unlikely that any of the 31 teams in the NFL were going to give Cruz an offer sheet.
Strong belief: There's as much chance a team will sign Victor Cruz to offer sheet as there is one will deal for Tim Tebow. Neither happening— Adam Schefter (@AdamSchefter) March 21, 2013
If his agent Tom Condon is negotiating this deal, he may advise Cruz to take it, and he should.
Condon was brought in to help both Cruz and the Giants find a middle ground in a deal, and it may very well look like he's found one for both sides.
The 26-year-old can become a free agent again after either three or four years and try to get one last payday when he's 29 or 30, depending on how many years the deal is for.
Cruz is coming off an 86 reception, 1,092-yard season with 10 touchdowns in 2012, the second straight year he's achieved over 1,000 yards.
Cruz has been such a popular figure with the Giants and in the community, especially the Latin community, since breaking onto the scene in 2011.
No word on if Cruz will accept the deal or not, but this could be progress in getting Cruz locked up for the next couple of seasons with Big Blue.
Stay tuned, Giants fans.