The New York Giants have “mutually agreed” to terminate the contract of quarterback Daniel Jones, less than two years after he signed a $160m extension with the NFL franchise.

Jones, a first-round draft pick in 2019, lost his place as the Giants’ starting quarterback earlier this week.

The Giants have won just two of their 10 games this season and have lost their past five.

“Daniel came to see me this morning and asked if we would release him,” Giants president John Mara said.

“We mutually agreed that would be best for him and for the team. Daniel has been a great representative of our organisation, first class in every way. His handling of this situation yesterday exemplifies just that.

“We are all disappointed in how things have worked out. We hold Daniel in high regard and have a great appreciation for him. We wish him nothing but the best in the future.”

Coach Brian Daboll announced that former undrafted free agent Tommy DeVito had been promoted to starting quarterback on Monday.

Jones, 27, joined the Giants in 2019 and was rewarded with a $160m, four-year contract in 2023 – two years of which were guaranteed.

At the time it made him one of the top-10 best-paid quarterbacks in the NFL.

He is ranked 32nd among all qualified quarterbacks in passer rating this season and has seven interceptions and just eight touchdowns in 2024.