Thomas, 24, will earn a guaranteed salary of $14.175 million during the 2024 season. He will earn a base salary of $5.02 million this upcoming season.
He started 16 games in 2022 before sitting out the season finale.
Thomas has played in 45 games (44 starts) since being selected by the Giants with the fourth overall pick of the 2020 NFL Draft.
The deadline to pick up fifth-year options is Tuesday.
--The Seattle Seahawks declined their option for linebacker Jordyn Brooks, per multiple reports.
Brooks, 25, has recorded 402 tackles, two sacks and two fumble recoveries in 47 games (39 starts).