There is a chance the deal could be signed Wednesday, but both sides wanted to review the contract, the person said.
Tom Condon, Manning's agent, was not immediately available for comment. Giants general manager Jerry Reese was hopeful that Manning's contract would be completed, adding it's always important to get the quarterback signed.
"He is a franchise quarterback," Reese said. "He has done everything we asked him to do. He has come in, taken a lot of flack from you guys (the media) and he just keeps going. He does what we ask him on the field and he does what we ask him to do off the field. He is a good football player."
Manning declined to talk to the media at lunch.
This deal will give Manning an average salary that is roughly $200,000 higher than the one earned by All-Pro cornerback Nnamdi Asomugha of the Oakland Raiders, who agreed to a three-year, $45.3 million contract this year.
Manning's older brother, Peyton, earns an average of $14.17 million annually with the Indianapolis Colts.
Eli Manning led the Giants to a Super Bowl upset of the New England Patriots in February 2008 and was named the MVP of the game. He was in the final year of the contract he signed as the No. 1 overall pick in 2004 and will make $9.4 million under that deal this season.
The two sides have been discussing a contract for months, but they worked out the final details in recent days.
While Manning's contract was to expire at the end of this season, there was little chance the Giants would lose him to free agency. They could have named him a franchise player and Manning has long said he wants to remain with the Giants.
Reese said that a new contract would not put more pressure on Manning.
"He is used to that," Reese said. "He won't get more pressure than he already has in this market. He knows how to handle pressure and he has done it before. I don't expect to see any difference in his attitude and his work ethic. He works hard. He expects a lot from himself. He knows what his role here is with us and we expect him to continue it for a long time."
Manning took over as the Giants starter midway through his rookie season and he has led New York to the playoffs in each of the past four seasons.
Manning went to the Pro Bowl for the first time after last season, when he passed for 3,238 yards and 21 touchdowns. He also threw only 10 interceptions, 10 less than the previous season.
Manning has started the last 71 games for New York, the third-longest streak among active quarterbacks at the end of last season. During that span he also has become the first Giants quarterback to throw for 3,000 yards and at least 20 touchdowns in four consecutive seasons.
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