New York had claimed Armstead off waivers earlier this offseason from the Jaguars but he ends up not even making it to training camp.
Armstead caught COVID-19 last year and missed the entire season while battling the effects of the virus.
Armstead, 24, is a former fifth-round pick of the Jaguars back in 2019. He signed a four-year, $2,865,756 contract that included a $345,756 signing bonus.
The Jaguars waived Armstead earlier this offseason and he landed with the Giants.
In 2019, Armstead appeared in all 16 games for the Jaguars and rushed for 108 yards on 35 carries (3.1 YPC) to go along with 14 receptions for 144 yards receiving and two touchdowns.