The wide receiver, who is a restricted free agent, has indicated that he wants to remain with the Giants, while quarterback Eli Manning said that he would take a pay cut to keep the 26-year-old with the team.
The team's owner told ESPN: "It will get done at some point, just be patient."
General manager Jerry Reese added: "I don't assume anything. We will see. I can tell you this, when we get ready to play, when the season starts, we will have good players out there. I am not sure if Victor will be there or not, but I don't assume anything."
Cruz had 1,092 receiving yards in 2012, scoring 10 touchdowns for the Giants.