ESPN's Adam Schefter reported Sunday the Giants are expected to sign Collins to the franchise tag in the event the sides can't agree to a long-term extension.
"I don't think they let him out," a source told Schefter.
Collins is in the final year of his rookie deal and is scheduled to become an unrestricted free agent at season's end.
However, it sounds like the Giants have no plans to let other teams bid on his services even though Schefter reported they made him available for "at least a second-round draft pick" in advance of Tuesday's trade deadline.
The 24-year-old, a two-time Pro Bowler and 2016 All-Pro, has tallied 62 tackles, one forced fumble and four pass breakups this season.
Since his debut in 2015, the Alabama product has 394 tackles, 32 pass breakups and eight interceptions.