New York Giants wide receiver Victor Cruz is electing to hold out in hopes of signing a new contract with the team. While contract negotiations are ongoing, Mike Florio of Pro Football Talk reports that they are “moving slowly.”

Talks have moved slowly throughout the offseason, as Cruz and the Giants haven’t been able to agree on the wide receiver’s value. While New York would like to sign Cruz for roughly $7 million per year, the wide out and his representation are seeking a yearly salary in the range of $10 million.

The next date of interest in the negotiations is June 17. That is when the Giants can pull back Cruz’s $2.879 million tender offer and replace it with a 2013 salary of less than $600,000. This is not expected to happen, as it would likely only inflame the situation.