The Giants designated Shepard (toe) for return from IR on Tuesday, Art Stapleton of The Bergen Record reports.
Shepard has worked on the side in recent practices as he makes his way back from a turf toe injury, but his ability to take part in drills Tuesday indicates he's closing in on a return to action. The Giants have a short turnaround before suiting up again Thursday at Philadelphia, so they may be gauging Shepard's ability to contribute for the first time since Week 2. If he isn't activated from injured reserve in time for Thursday's game, New York will continue to rely on Darius Slayton (foot) and Golden Tate as its top two wide receivers.