From what it looks like, both sides liked what the other had to offer.
According to Mike Garafolo of USA Today, the Giants are closing in on a deal with Mundy.
DB Ryan Mundy close to a deal with the Giants.— Mike Garafolo (@MikeGarafolo) March 14, 2013
The terms of what is being negotiated were not disclosed.
Mundy is a career backup who can play both strong safety and free safety, as well as special teams, which he did in Pittsburgh.
In 2012, Mundy played in all 16 games. He started only three, made 24 total tackles and recovered one fumble.
Mundy would compete with Will Hill and Tyler Sash for a backup safety spot.
Giants starting safety Kenny Phillips is still a free agent, who rejected the Giants' offer just before free agency started and is looking for a more lucrative deal.
It's quite possible that the Giants could be preparing for the departure of Phillips by adding more depth to the team.
If he doesn't get the money he expects, he could always come back to the Giants on a greatly discounted price.
(UPDATE, 5:31 p.m. by Doug Rush)
According to Jenny Vrentas of the Newark Star Ledger, Mundy is officially signed with the Giants.
Giants announce S Ryan Mundy has been signed. #nyg— Jenny Vrentas (@JennyVrentas) March 14, 2013
No word yet on the deal of the contract, but my guess it that it's a one-year deal.