It started out as a rumor on an NJ.com Giants forum, but it got life when Newark Star-Ledger's Mike Garafolo and NBC's Mike Florio both reported on it.
Now, according to Garafolo, the trade is about to happen.
The Giants will land the linebacker in exchange for a fifth-round pick in the 2012 NFL Draft.
The Giants had a lot of issues at linebacker during the 2011 season with Jonathan Goff and Clint Sintim both out. Plus, Mark Herzlich missed time due to injury.
They got Chase Blackburn off the streets, or well, out of the classroom as a substitute teacher, and he played well for the Giants in the second half, and even intercepted a Tom Brady pass in Super Bowl XLVI.
But the Giants needed depth at linebacker and with the trade for Rivers, it's a good deal for the Giants.
Rivers was recovering from a wrist injury that kept him out for the entire 2011 season, but when he is healthy, Rivers can be an outstanding linebacker.
Plus, the Giants were awarded an extra fourth-round draft pick in two weeks time, so GM Jerry Reese had an extra pick to spare if he felt like he could make a deal.
Right now, it's unknown where Rivers will play in the Giants' linebacker field, as he has played at the weak-side spot for his entire career, which is currently occupied by Michael Boley.
There was some talk of moving Boley to the middle linebacker spot, but the Giants could see if Rivers might play the inside spot as well.
The 26-year-old Rivers was the ninth overall pick by Cincinnati out of USC in the 2008 NFL Draft, so the Giants are getting a player that was highly regarded coming out of college.
With the Giants, Rivers is getting a fresh start to play for a championship-caliber team and organization.
Rivers has roughly around a $2.16 million salary and the Giants may end up re-working and re-structuring that deal to fit into their salary cap.
His health is the big question mark, since he is coming off the wrist injury. However, if Reese felt strongly enough to trade a draft pick for him then I think Reese isn't too worried about Rivers' past injury.
Overall, it's a good move for the Giants to make. Hopefully the trade works out.