The person spoke Wednesday on condition of anonymity because they weren't authorized to discuss Pierre Paul's contract situation. The person says the team has not rescinded its $14.8 million franchise tag offer.
If the Giants rescind the contract tender offer, the 26-year-old would become an unrestricted free agent.
Pierre-Paul's agent, Eugene Parker, has not responded to several requests for comment.
Pierre-Paul broke out in 2011, posting 16 1/2 sacks and playing a key role in the Giants winning the Super Bowl.
Pierre-Paul has 42 career sacks, including 12 1/2 last season.
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