Parker, 28, originally signed on with the Buccaneers as an signed undrafted free agent out of North Alabama back in 2010. He spent two years in Tampa Bay before catching on with the Saints in 2013.
The Giants elected to sign him to a future/reserve contract back in January, but it appears as though they prefer their other options at receiver moving forward.
According to OverTheCap.com, releasing will free up $660,000 in available cap space while creating no dead money.
This season, Parker has appeared in two games for the Giants and recorded five catches for 43 yards receiving and no touchdowns.