The Giants have informed the wide receiver they will release him on March 15, the first day of the new league year, NFL Network Insider Mike Garafolo reported Tuesday.
Golladay's release will provide $6.7 million in cap savings and close the book on a free-agent signing that will go down as a Big Blue bust.
After making a name for himself as a red-zone target and contested-catch aficionado by amassing 3,068 receiving yards and 21 touchdowns in four seasons with the Detroit Lions, Golladay joined New York in 2021 on a four-year, $72 million contract.
He failed to live up to that price tag. The former Pro Bowler collected 37 of his 76 targets for 521 yards and no touchdowns during his first season with the Giants.
After a new regime under head coach Brian Daboll took over last year, Golladay started just four of his 12 games played and made six catches for 81 yards and a score.
The writing was on the wall ahead of Year 3, and now Golladay will be seeking a new home where he can rectify his career once free agency begins.