The Giants placed Stewart on injured reserve back in September with a foot injury before designated him to return a few weeks ago.
However, he will now revert back to the injured reserve and miss the remainder of the 2018 season.
Stewart is an obvious release candidate for the Giants next year.
Stewart, 31, is a former first-round pick of the Panthers back in 2008. He was in the final year of his six-year, $37.811 million contract when he signed a two-year, $8 million deal that included $1.1 million guaranteed with the Panthers last year.
Stewart was set to make a base salary of $1.9 million for the 2018 season when the Panthers released him in March. The Giants later signed him to a two-year, $6.9 million deal.
As part of his agreement with the Giants, Stewart stands to make base salaries of $1.4 million and $2.35 million.
In 2018, Stewart has appeared in three games for the Giants and rushed for 17 yards on six carries (2.8 YPC) and no touchdowns.