Burress' four-year tenure with the Giants was highlighted by a game-winning touchdown catch in the Super Bowl against the previously undefeated New England Patriots in February 2008, but it was also dogged by fines and suspensions.
Burress' status has been uncertain since he shot himself in the thigh on Nov. 29 with an unlicensed gun he'd stuffed into his waistband. He faces a felony weapons charge that could put him in prison for at least 3 1/2 years if convicted.
Burress' case was adjourned on Tuesday while his attorneys and prosecutors worked on a possible plea agreement. He is due back in court on June 15.
The 31-year-old, who was suspended by the Giants for the final four weeks of the season for conduct detrimental to the team and fined after the shooting, also faces possible NFL sanctions for violating its personal conduct policy.
The delay in ending the court case this week appeared to play a role in the Giants' decision.
"I am an optimist, and I believe most situations can be worked out," general manager Jerry Reese said in announcing the decision. "We hung in there as long as we could in hopes that there could be a resolution to this situation other than the decision we made today to release Plaxico.
"It wasn't to be, so now we have to move on. Like everybody else here, we want nothing but the best for Plaxico, and we are appreciative of the contributions he made to this franchise."
The decision to release Burress might lead the Giants to look for a deep threat receiver in the draft later this month. The only player currently on the roster who might fill that role is Mario Manningham, a second-year player out of Michigan who did little in an injury-plagued rookie season. Steve Smith and Domenik Hixon have shown the ability to be a deep threat on occasion, but neither is as consistent as Burress at stretching a defense.
Burress caught 344 passes with the Giants, which places him 12th on the franchise's career list, one catch ahead of Earnest Gray and three behind Aaron Thomas. Burress had 3,681 receiving yards and caught 33 touchdown passes for the Giants.
Burress' Giants teammates had been supportive about his possible return. The Giants lost four of their final five games after Burress was suspended and placed on the non-football injury list, meaning he also could not appear in the playoffs.
The Giants finished 12-5, losing at home in the playoffs to the Philadelphia Eagles. New York lost four of its final five games without Burress, who provided the Giants with their lone deep threat.
"Plaxico's contribution to our championship season in 2007 can never be underestimated or undervalued," coach Tom Coughlin said. "He displayed tremendous determination throughout that season. Having said that, I have always been as concerned about Plaxico as a man as I have been about him as a player, and my hope is that everything that has happened over the past several months represents a turning point.
