The new deal for the 10-time Pro Bowler includes $10.5 million guaranteed.
Wilson spent the past year with the Pittsburgh Steelers, where he threw for 2,482 yards, 16 touchdowns, and five interceptions.
The 13-year veteran went 6-5 as a starter for the Steelers last year after taking over the role from Justin Fields, who signed with the other New York team in the Jets.
Wilson visited the Cleveland Browns earlier in the offseason but opted to head to the Giants in the end.
New York also signed quarterback Jameis Winston recently to a two-year deal worth $8 million.
Now, their quarterback room consists of Wilson, Winston, and Tommy DeVito. The Giants have the number three overall pick in the upcoming NFL draft, one that many speculated they would be taking a quarterback with.
However, the conversation has just become a lot more interesting.