King, 27, is a former fifth-round pick of the Broncos back in 2013. He lasted less than a year in Denver before he was claimed off of waivers by the Panthers.
After brief stints with the Jaguars and Buccaneers, the Giants signed him to their practice squad during the 2015 season before cutting him loose earlier in the week.
In 2016, King appeared in seven games for the Giants and caught two passes for 50 yards receiving and no touchdowns.
Thompson, 24, if a former fifth-round pick of the Giants back in 2015. He’s currently in the third year of his four-year, $2,508,864 and stands to make base salaries of $615,000 and $705,000 over the final two years of the agreement.
The Giants waived him with an injury designation during the preseason before later placing him on waivers.
In 2016, Thompson was limited to appearing in just one game before he was placed on season-ending injured reserve with a knee injury.