ESPN–The New York Giants reached agreement on a contract with cornerback Terrell Thomas, a league source told ESPN NFL Insider Adam Schefter. Thomas was viewed as a potential Pro Bowl cornerback before tearing his ACL in a preseason game versus the Chicago Bears last summer and missing the entire 2011 season. The Giants approached Thomas’ free agency much in the same way they did when they re-signed linebacker Mathias Kiwanuka last offseason.

For now, Thomas is back in the fold. Thomas was the Giants’ most productive cornerback in 2010, leading the team in tackles (101) and interceptions (5). He suffered his knee injury in the second game of the preseason after colliding with teammate Jason Pierre-Paul. This is the second time in his career he has had to come back from a knee injury after recovering from torn ligaments in his knee in 2005 while at USC.

If you’ve been reading NYSOS, re-signing Thomas was no surprise. We had this nugget on February 8th

I don’t think the Giants will have any issue re-signing Grant, Goff, Weatherford, or  Blackburn. I think Terrell Thomas, who suffered a season-ending ACL tear early on, will be a relatively easy sign for the Giants. I think teams will be scared of his knee issue, allowing the Giants to ink him to a fair deal. Let’s not forget that Thomas is one of the Giants’ best corners, when healthy.

This news pretty much seals Aaron Ross’ fate. With Thomas returning and the Prince ready to take on a larger role next season, Ross will likely be too pricey for the Giants. Terms for the Thomas deal haven’t been disclosed, but it was probably a good, cost-effective move for the Defending Champs.