The Giants and cornerback Trumaine McBride have reached agreement on a new two-year contract that will keep the 28-year-old off the open market, says Jordan Raanan of NJ.com. According to Raanan, the deal, which will likely be signed later today, is worth a total of $3.1MM.

McBride, who played for the Bears, Cardinals, and Jaguars before joining the Giants last season, saw an increased role in New York’s secondary during the second half of 2013 and performed well, ranking 24th among qualified cornerbacks, according to Pro Football Focus (subscription required). At a cost of about $1.55MM per season, he’ll come much cheaper than many of the more notable names on the cornerback market this week, though of course he doesn’t have the same track record as many of those other free agents. McBride’s 10 starts for the Giants last season were his first starts since the 2008 season.

The Giants are still expected to be in the market for cornerbacks, according to Raanan. While New York may no longer be in the mix for top options like Alterraun Verner, Corey Graham is one player drawing interest from the team.

Art Stapleton of the Bergen Record first reported that the Giants were close to re-signing McBride.