Terms of the deal weren't disclosed.
Clayton, who had played for the United Football League's Omaha Nighthawks since signing with the team Oct. 25, was a first-round pick (15th overall) by the Bucs in the 2004 NFL Draft but struggled after posting a 1,193-yard rookie season. Clayton won't cost the Giants the UFL's $150,000 transfer fee because he has spent fewer than four weeks on an active roster.
The Giants are without four receivers from their opening-day roster, leaving them with Mario Manningham and Derek Hagen, who was signed off the street last week, as starters for Sunday's game against the Jacksonville Jaguars. Rookie Duke Calhoun and return specialist Darius Reynaud are the other healthy receivers on New York's roster.
The Giants lost star receiver Steve Smith to a partial tear in his pectoral muscle Nov. 11 and backup Ramses Barden to a broken ankle three days later. Leading receiver Hakeem Nicks will be sidelined about three weeks after needing a surgical procedure Monday to relieve pressure in his right leg. He was hurt during Sunday night's 27-17 loss to the Philadelphia Eagles.
To make roster room for Clayton, the Giants waived tight end Jake Ballard. The team also announced that defensive back Brandon Hughes has been signed from Giants' practice squad to the Eagles' 53-man roster.
The Associated Press contributed to this report.