Barkley is rehabbing from a torn ACL he suffered in Week 2 against the Chicago Bears.
Prior to the injury, Barkley rushed for 34 yards on 19 carries last season to go along with six receptions for 60 yards.
The 24-year-old tailback recorded back-to-back 1,000-plus-yard rushing seasons in 2018 and 2019. He's added 149 career receptions for 1,219 yards.
The Giants picked up the fifth-year option on Barkley's rookie deal Wednesday. The move guarantees his 2022 salary of $7.2 million while giving New York more time to negotiate a long-term extension with him.
The 2018 NFL Offensive Rookie of the Year is entering the fourth year of his contract and is set to earn $4.8 million in 2021.