The 28-year old has suffered two ACL injuries in consecutive seasons; injuries that has forced Thomas to miss the 2011 and 2012 seasons.
After signing a four-year, $28 million deal back in March of 2012, Thomas was a candidate to be released if he did not restructure his contract.
The Giants never had to get that far with Thomas because on Monday, Thomas agreed to re-structure his deal and accepted a one-year deal, according to Jenny Vrentas of the Newark-based Star-Ledger.
The terms of the contract were not made available yet, but it will probably be a lot less than the $6 million Thomas would have made in 2013 initially.
It's been rumored that Thomas could be converted from cornerback to safety due to the severity of the ACL injuries (third one in Thomas' career), a move that could preserve Thomas' NFL career.
When healthy, Thomas was considered to be the Giants best cover corner, but the injuries have robbed him two years of his career.
On Thomas' Instagram account, Thomas posted a status declaring that he was coming back to the Giants.
From listening to his Twitter statuses and interviews, it really sounded like Thomas wanted to make his comeback to the NFL with the only team he's known as home.
Thomas was originally a second-round pick of the Giants back in the 2008 NFL Draft and has 11 career interceptions in the three full seasons he has participated in.
For Thomas' sake, who has worked so hard to rehab his knee over the last two years, lets hope his comeback attempt is a successful one.