Kaeding is due $1.1 million in termination pay.
Normally, Kaeding would have been waived. But waivers for vested veterans, as well as the trade deadline, were pushed back two days to Thursday because of potential complications from Superstorm Sandy.
Kaeding was placed on injured reserve on Oct. 22 with a groin injury so that the team could sign wide receiver Danario Alexander. The Chargers said then that they'd release Kaeding when he was healthy.
Kaeding was hurt in practice on Sept. 28, two days before a game at Kansas City. The Chargers signed Nick Novak that day.
Manning has led the Giants to two Super Bowl titles.