Sheard signed a contract with the Giants on Tuesday, Michael Elsen of the team's official site reports.
The 31-year-old was on the Jaguars' practice squad and served as an extra player for Sunday's loss to the Lions, playing 15 defensive snaps. Sheard totaled 25 tackles and 4.5 sacks in 13 games with the Colts in 2019 and brings veteran depth to the Giants' defensive front.