Cruz said on WFAN that he's heard "they've just agreed on the structure right now. And that's all I'm at liberty to say."
Cruz, who caught 82 passes for 1,536 yards last season, is set to make $540,000 this season.
The undrafted wide receiver from New Jersey has been one of quarterback Eli Manning's favorite targets over the last two seasons. In eight games this season, Cruz has caught 52 passes for 650 yards. He also has seven touchdown catches, which leads the league.
Cruz was a big factor in the Giants' Super Bowl championship run last season. Against San Francisco in the NFC Championship game, Cruz caught 10 passes for 142 yards. In the Super Bowl against New England, Cruz had four catches for 25 yards and a touchdown.
His 2011 postseason in total was impressive: 21 catches for 269 yards and a touchdown.