[UPDATE 5:09 p.m. ET]

The Giants have finalized a deal with defensive end Olivier Vernon for five years and $85 million, a bank-busting $52 million of which is guaranteed. The Giants have signed four players, Vernon, Janoris Jenkins, Damon Harrison and Jason Pierre-Paul, costing $204.25 million with $114 million guaranteed to those players. Here is our story.

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[UPDATE 10 a.m. ET]

The Miami Dolphins have withdrawn the transtion tag from defensive end Olivier Vernon, news that was first reported by Adam Schefter. That is big news for the New York Giants as multiple reports have indicated that the Giants are expected to be among the bidders for Vernon's services. The transition tag gave the Dolphins a five-day window in which to match any free-agent offer Vernon would receive. By dropping the tag, the Dolphins can no longer match offers, but they could receive a compensatory draft pick if they lose Vernon. Removal of the tag also means teams can begin negotiating with Vernon immediately.

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NFL free agency 2016 begins for real on Wednesday at 4 p.m. ET when the signing period begins. The New York Giants, with roughly $50 million to spend after bringing defensive end Jason Pierre-Paul back into the fold, are expected to be aggressive. Early-morning reports indicate that things may already be heating up for the Giants.

Adam Schefter of ESPN is reporting that cornerback Janoris Jenkins is "poised to join" the Giants. Jenkins would replace Prince Amukamara, who will almost certainly move on from the Giants should the signing of Jenkins become reality. Here is our profile of the 27-year-old Jenkins.

On the defensive end front, a published report indicates that the Giants, after losing out on Charles Johnson, will make a run at Olivier Vernon of the Miami Dolphins. The report calls Vernon the Giants' "top priority" in free agency. Miami placed the transition tag on Vernon, which means they would have the right to match any free-agent offer. There have, however, been reports that after signing Mario Williams the Dolphins might rescind that tag.

So, quite a bit of news to start your day. Follow all the news and rumors in this constantly-updated tracker.

Giants unrestricted free agents

Jason Pierre-Paul [Returned to Giants on one-year, $10.5 million deal]

Prince Amukamara

Robert Ayers

Cullen Jenkins

Trumaine McBride

Josh Brown

George Selvie

Rueben Randle

Jayron Hosley

Brandon Mosley

Dallas Reynolds

Markus Kuhn

Daniel Fells

Craig Dahl

Jasper Brinkley

Hakeem Nicks

Danny Aiken

Barry Cofield

Brandon Meriweather

Our coverage

We profiled 26 potential free agent targets for the Giants. Our full free agency coverage can be found on out Giants Free Agency Hub Page. Keep it here all day as new reports and signings will be added to this constantly-updated post.

Tracker

Analysis of Giants reported deal for CB Janoris Jenkins, which is reportedly worth $62.5 million over five years.

Nearly a Giants, defensive end Charles Johnson re-signs with Carolina Panthers [Full story]

It's official! Charles Johnson is back with the #Panthers! pic.twitter.com/Oa5dL926ro — Carolina Panthers (@Panthers) March 9, 2016

Jason Pierre-Paul contract details: [Full JPP story]

It's $8.5M fully guaranteed for JPP, plus $300K workout bonus, $1.2M in per-game roster bonuses, $500K incentives tied to sacks. $10.5M max — Tom Pelissero (@TomPelissero) March 9, 2016

Wide receiver Marvin Jones, expected to be a target for the Giants, is reportedly signing with the Detroit Lions. We look at how that impacts the Giants' search for wide receiver help.

[9:37 a.m. ET] -- The Miami Dolphins will remove the transition tag from Olivier Vernon. The Giants are expected to make an effort to sign the pass rushing defensive end.

[11:13 a.m.] -- Free-agent safety George Iloka is apparently staying with the Cincinnati Bengals. The Giants were reportedly interested in Iloka. Here is our look at the free-agent safety market.

[12:43 p.m.] -- Safety Rodney McLeod will reportedly join the NFC East rival Philadelphia Eagles. That means another safety target for the Giants is off the board.

[1:58 p.m.] -- Giants among teams in on wide receiver Mohamed Sanu

[2:43 p.m.] -- Giants near deal with defensive tackle Damon Harrison

[3:22 p.m.] -- Offensive lineman Mike Harris will stay with Minnesota Vikings

[3:50 p.m.] -- Another possible Giants' offensive line target bites the dust.

#Texans expect to sign OL Jeff Allen, more offensive help with a lot of holes to fill. — Ian Rapoport (@RapSheet) March 9, 2016

[3:53 p.m.] -- Defensive end William Hayes will not be a Giant.

For #Rams DE William Hayes, it's 3 years with a max value of $21M, source said — Ian Rapoport (@RapSheet) March 9, 2016

[4:12 p.m.] -- Middle linebacker Danny Trevathan will join the Chicago Bears. The Giants will have to look elsewhere. No word on whether Giants were actually interested.

Bears are signing former Broncos LB Danny Trevathan, per source. — Adam Schefter (@AdamSchefter) March 9, 2016

[4:32 p.m.] -- Mohamed Sanu gets a deal, and it isn't with the Giants.

I'm told WR Mohammed Sanu is headed to Atlanta to officially sign his deal worth 7 million per year #Atlanta — Dianna Marie Russini (@diannaESPN) March 9, 2016

[6:21 p.m.] -- Giants miss out on wide receiver Mohamed Sanu

[7:17 p.m.] -- Safety Tashaun Gipson joins Jacksonville Jaguars

[10:23 p.m.] -- WR Rishard Matthews signs with Tennessee Titans

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