The electric slot receiver went public this month with his desire for a new deal. On Tuesday, he told WFAN-AM in New York that negotiations continue to progress.
"From what I hear, they've just agreed on the structure right now," Cruz said, via the New York Daily News. "And that's all I'm at liberty to say. ... Hopefully this leads to the right track and we'll get it done sooner than later ... I'm happy so far, so I can just relax and play some football."
Cruz is making just $540,000 this year and becomes a free agent after the season. He leads the Giants in receiving this year after putting up 1,536 yards in 2011. His 52 catches in 2012 put him on pace for another monster campaign, and much of his production has come without Hakeem Nicks on the field.
The Giants' front office won't allow Cruz to hit the open market. No team does a better job of finding and retaining young talent, and Cruz has become a homegrown sensation in a town that wouldn't take kindly to seeing him play in any other.
Follow Marc Sessler on Twitter @MarcSesslerNFL.