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As FOXSports.com's Jay Glazer first reported a short time ago, the Giants have agreed to trade disgruntled tight end Jeremy Shockey to the New Orleans Saints for a second-round pick and a fifth-round pick.

The deal is pending league approval, a league source told Glazer.

Shockey must also pass a physical but NFL Network insider Adam Schefter and ESPN.com's John Clayton are also reporting the story.

Glazer notes the compensation is the same the Saints offered New York back in April prior and during to the draft. ... And it was turned down.

In hindsight, it appears Giants general manager Jerry Reese telegraphed the move in a Sunday press conference.

Asked if Shockey would be on the team's opening day roster, Reese said: "I expect we'll have 53 players when we play the Redskins (on Sept. 4) who want to be here, and are happy to be here, ready to play as a team, ready to defend the title.

"That's what I expect. If that includes Jeremy, that would be great."

According to New York Daily News staffer Ralph Vacchiano, that statement -- including the key word "if" -- was consistent with the noncommittal way Reese, Tom Coughlin, and the Giants' assistant coaches have discussed Shockey publicly this offseason, saying only that he's their starting tight end "for now."

Now we know why. ...

According to Clayton, as Saints head coach Sean Payton and general manager Mickey Loomis were preparing for Wednesday's start of training camp when they received a call from the Giants saying that Shockey was theirs.

Even through the weekend, the Saints tried to broker a deal for Shockey. On Sunday, they tried to get in the middle of the Jason Taylor trade to see if there was a way they could make a three-way deal that brought them Shockey. Taylor went to the Washington Redskins for a second-round pick in 2009 and a sixth-rounder in 2010.

Shockey, 28, a four-time Pro Bowler, has 371 catches for 4,228 yards and 27 touchdowns during his six-year NFL career.

Payton was an offensive coordinator with the Giants during Shockey's rookie season. He caught 74 passes for 894 yards that season. During two years under former head coach Jim Fassel and Payton, Shockey was used as more of a downfield threat.

In those two seasons, Shockey averaged 5.1 catches per game while averaging 12.1 and 11.1 yards per catch respectively. Those are the second- and third-highest averages of his six-year career.

In four seasons under Coughlin, Shockey has caught 4.2 passes per game and has averaged more than 11 yards per catch only once -- in 2005 when he had a career-high 13.7-yard average.

Shockey has complained about his role several times since Coughlin arrived. Late in the 2004 season he griped about being turned into "an average player" by the new coach's offense. This came three months after he complained about pre-snap motion, which made him "tired before I get to my final spot."

In addition to neutralizing his receiving ability, Shockey believes the number of injuries he has suffered over the past few years can be attributed to all the blocking he has done. He has battled several ankle sprains, including one that nearly sidelined him for the game against the Redskins in which he broke his leg.

The emergence of rookie Kevin Boss during the Giants' Super Bowl run -- a stretch Shockey missed due to the above-mentioned broken leg -- made Shockey expendable. Boss started six games after Shockey's injury (two regular season and all four during the Giants' post-season run), making nine catches for 140 yards and a TD.

Shockey's attitude made the move somewhat necessary as the Giants sought to avoid distractions from their bid to repeat as Super Bowl champions.

During the team's recent mini-camp, Shockey reportedly engaged in a shouting match with Reese. Shockey's absence in Phoenix during the Super Bowl was also conspicuous. According to Glazer, one of the many sources of Shockey's displeasure with the team was that he was not allowed to stand on the team's sidelines during the game.

And as Glazer further reminded readers, Shockey had less-than-complimentary things to say about his quarterback, Eli Manning in the past. In fact, many have theorized that Manning's transformation from a middle-of-the-pack quarterback to a Super Bowl MVP was facilitated by Shockey's absence. ...

Meanwhile, in a rather ironic twist, Pro Football Weekly characterized the Saints' incumbent starter at the position, Eric Johnson, as "a strong candidate for a bounce-back year" after a disappointing debut season in New Orleans.

Johnson looked more comfortable in the Saints’ offense during OTAs and is working on carving out a more defined role in the passing game. The Saints clearly think he has more to offer than what he showed last season, since they re-signed him to a one-year deal in March.

Now, however, it's safe to assume that Payton's past association with (and heavy use of) Shockey doesn't bode well for Johnson, Billy Miller or Mark Campbell, the top three tight ends on the roster prior to today's trade.