That leaves Townsend and Riley Dixon as the two punters remaining on the Giants 90-man roster.
Townsend, 24, was drafted in the fifth round out of Florida by the Raiders in 2018. He signed a four-year rookie contract worth $2.7 million.
The Raiders made the decision to waive Townsend on Tuesday after they decided to move forward with A.J. Cole as their punter.
In 2018, Townsend punted all 16 games for the Raiders. He totaled 70 punts with a 43.2 average and a long punt of 64 yards. He also placed 17 punts inside the 20 with five touchbacks.