The move saves the team $9 million against the cap, replacing his previous $14.5 million number. It comes as new coach John Harbaugh and defensive coordinator Dennard Wilson prepare to overhaul the roster.
Okereke, 30, led the team with 78 tackles last season and was a team captain. The Giants also hold the fifth overall pick in the draft and are looking to improve a defense that ranked 28th in the league.