The Giants announced on Tuesday that they placed Vereen on injured reserve.
Giants head coach Ben McAdoo said Vereen will require surgery, per Art Stapleton of The Record.
"Shane reinjured his triceps," McAdoo said on Monday, per Walder. "He worked his tail off to get back to where he was. I'm disappointed for Shane."
The Giants previously placed the 27-year-old on injured reserve in September, and the initial worry was that he'd be lost for the entire season. However, Vereen returned for New York's Week 14 win over the Dallas Cowboys. In his two appearances since coming back, Vereen ran for 11 yards on two carries and caught three passes for 19 yards.
While Vereen is primarily used as a receiving option, his absence will be a problem for New York, given the fact that Rashad Jennings is averaging 3.2 yards per carry. Fifth-round draft pick Paul Perkins hasn't been much better, either.
Vereen's injury won't torpedo the Giants' Super Bowl hopes, but it will make the road to a fifth Lombardi Trophy more difficult.