Despite knee and Achilles injuries hampering Shepard's last two seasons, the 2016 second-round draft pick remains a valuable asset in terms of leadership and experience among Big Blue receivers.
The 30-year-old has spent the last seven seasons at the Giants, recording 362 receptions for 4,038 yards and 22 touchdowns.
The Giants have reportedly rewarded him with a one-year contract worth $1.3million.
Meanwhile on the West Coast, the 49ers have reportedly opted to secure the services of 32-year-old free safety Tashaun Gipson on a one-year deal worth $2.9million.
A veteran of 11 seasons in the NFL, Gipson will return to the field for the San Francisco team after his best campaign since 2014.
Gipson made 61 tackles, defended eight passes, and caught five interceptions in the 2022 season, which took his interception count up to 32 for his career.