This clears a spot for CB Michael Hunter, who is bring promoted to their active roster, per Dan Duggan.
Thompson, 23, was taken with the No. 71 overall pick by the Giants. He signed a four-year contract worth $3,177,136 to go along with a signing bonus of $837,136.
This season, Thompson has appeared in one game and recorded a single tackle for the Giants.
Hunter, 23, wound up signing a three-year, $1.62 million contract with the Giants as an undrafted free agent out of Oklahoma State back in May. He stands to make a base salary of $450,000 for the 2016 season.
The Giants unfortunately waived Hunter coming out of the preseason before later signing him to their practice squad.
During his college career, Hunter recorded 98 tackles, 7.5 tackles for a loss, four interceptions, a forced fumble and 12 pass defenses.