The move frees up $3 million in cap space with no dead money, per Duggan.
Bethea, 35, is a former sixth-round pick of the Colts back in 2006. He spent eight years in Indianapolis before signing a four-year, $21 million contract with the 49ers back in 2014.
Bethea was set to make a base salary of $5.25 million for the 2017 season when the 49ers released him. He later signed a three-year, $12.75 million contract with the Cardinals in 2017. He joined the Giants on a two-year deal in 2019.
In 2019, Bethea appeared in all 16 games for the Giants and recorded 110 tackles, one interception, two fumble recoveries and six pass defenses. Pro Football Focus rated him as the No. 40 safety out of 86 qualifying players.