The Giants activated Shepard (toe) off injured reserve Thursday, Michael Eisen of the team's official site reports.
Shepard sustained a turf toe injury Week 2 and has spent the ensuing four weeks on IR. The Giants opened his window to return Tuesday, and after participating in practice the last two days, the team has opted to bring him back to the active roster. Mike Garafolo of NFL Network noted Shepard will be subject to a pregame workout before the Giants make a decision on his availability for Thursday's game at Philadelphia, but the road his been paved for his return to action.