Mitchell, who has 166 catches in his four NFL seasons, will complement starter Howard Cross, who is primarily a blocker. Cross had 13 of the 16 receptions by Giants' tight ends last season, while Mitchell caught 38 balls by himself.
Mitchell, who played at Boston College, was originally designated a transition player by the Jaguars, meaning they had the right to match any offer.
However, that label was dropped when Jacksonville signed Kyle Brady from the Jets.
The 6-foot-2 248-pound Mitchell has caught at least one pass in 60 of his 64 NFL games.
"First and foremost, Pete is competitive and tough," Giants coach Jim Fassel said. "The dimension he gives us as a pass receiver should be very positive. He's going to help us get better and he will fit in well with our team.
Mitchell was a fourth-round draft pick of the Miami Dolphins in 1995 and was traded to Jacksonville before the season, joining Tom Coughlin, who had been his college coach.
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