Newsday was first to report that the deal had collapsed.
It was believed that Cockrell would be signing with the Giants after visiting on Saturday and undergoing COVID-19 testing. The two sides had an agreement in place, but when it came time to sign a deal, the financial details no longer were to Cockrell's satisfaction.
The Giants now remain short-handed at the cornerback position, with DeAndre Baker facing armed robbery charges and Sam Beal having recently opted out. It's now back to the drawing board as the Giants look to add reinforcements either through free agency or the waiver wire, signing Prince Smith on Wednesday.
Cockrell has started 43 career games for the Giants, Panthers and Pittsburgh Steelers. He played with the Giants during the 2017 season and almost re-signed with the team the following year, before leaving for a better deal in Carolina.
The Giants had three players visit on Saturday. Offensive lineman Jackson Dennis and wide receiver Cody White, both undrafted free agents, officially signed on Tuesday. Cockrell was expected to join them. He did not.