The trade, which gives Cleveland quarterback Baker Mayfield a true deep threat, comes just seven months after the Giants signed Beckham to a five-year, $95 million contract extension with $65 million in guaranteed money -- the richest deal ever for an NFL wide receiver.
In exchange for giving up Beckham, the Giants will receive the 17th overall pick in this year's draft, as well as a third-round pick and third-year safety Jabrill Peppers. The trade of Beckham was first reported by NFL.com, while New York's compensation was first reported by ESPN.
The reported trade is not set to become official until Wednesday, when the 2019-2020 NFL league year begins. The deal is also conditional on Beckham and Peppers passing physicals.
In Cleveland, Beckham will be reunited with fellow receiver and former LSU teammate Jarvis Landry. His arrival caps a two-year offensive rebuilding project for the Browns, who drafted Mayfield and traded for Landry after not winning a game in 2017. After finishing 7-8-1 in 2018, the Browns signed free-agent running back Kareem Hunt before trading for Beckham.
The Beckham trade is the second deal to involve a star wide receiver in four days. Over the weekend, the Pittsburgh Steelers agreed to send Antonio Brown to the Oakland Raiders.
The deal is also second trade completed in the past week by the Giants and Browns. Cleveland sent guard Kevin Zeitler to New York for edge rusher Olivier Vernon, who will now play on the opposite side from Pro Bowler Myles Garrett.
Beckham's tenure in New York was by turns productive and turbulent. Drafted with the 12th overall pick in 2014, he burst onto the scene as a rookie, catching 91 passes for 1,305 yards and 12 touchdowns in 12 games. The most notable of those was an acrobatic one-handed catch in a nationally televised game against the Dallas Cowboys that has become a staple of highlight montages.
For all his ability, the Giants have had just one winning season in the five since Beckham was drafted. The Giants made the playoffs with an 11-5 record in 2016, but Beckham and other team members were criticized for taking a party-filled trip to Miami days before their wild-card playoff game against the Green Bay Packers. The Giants lost the game 38-13 and Beckham was held to four catches for just 28 yards.
Early last season, with the Giants off to another bad start, Beckham seemed upset with his role in Shurmur's new offense and said quarterback Eli Manning was not capable of throwing deep passes. The Giants finished the campaign with a 5-11 record, their fifth losing season in the last six.
The Associated Press contributed to this report.