Nicks injured his foot running a route during individual drills. He will undergo surgery on Friday to have a screw inserted into the broken bone.
The recovery time for the surgery—which will be performed by foot and ankle specialist Dr. Robert Anderson—is about 12 weeks.
The Giants report to training camp at the University of Albany on July 26.
Nicks was a member of a dynamic group of receivers with the Giants in 2011, catching 76 passes for 1,192 yards and seven touchdowns.
He is a favorite target of Eli Manning, and if the Giants are lucky, this injury will not have lingering effects into the upcoming season.
The 24-year-old will miss the remaining seven OTAs and at least a month of Giants training camp while he is recovering from the surgery.