Ralph Vacchiano of the New York Daily News reported Monday that Kiwanuka has accepted a steep pay cut to return for a ninth season with Big Blue.
The veteran defensive lineman was scheduled to make $4.375 million in salary for 2014. Instead, he'll earn $1.5 million in salary and a $700,000 roster bonus. He can earn an additional $125,000 in incentives, according to NFL Players Association records obtained by Vacchiano.
Kiwanuka was informed by the team he'd be released if he didn't accept the pay cut, according to a source familiar with the situation. He still has $4.775 million due next season, but the writing certainly appears to be on the wall there as well.
Kiwanuka started 10 games last season, finishing with six sacks, 41 tackles and two forced fumbles. He appears to have entered the "hold the fort" stage of his career, whereby the Giants keep him on board while actively seeking out his eventual replacement.
In other news, NFL Media Insider Ian Rapoport reported that former Denver Broncos return specialist Trindon Holliday has agreed to a one-year deal with the Giants, according to a source close to the player. Holliday had four returns for touchdowns in two seasons with the Broncos.