UPDATE #2: The Giants have made it official in that they've hired Steve Spagnuolo to be their new defensive coordinator.
"I want to send out my gratitude to John Harbaugh, Steve Bisciotti and Ozzie Newsome for the opportunity they gave me," Spagnuolo said through the Giants organization. "John Harbaugh is a great coach and friend and a man of God, and I will miss working with him every day."
UPDATE: It looks like Steve Spagnuolo has accepted the Giants' defensive coordinator position.
Steve Spagnuolo to be named Giants defensive coordinator, acording to a source— Aaron Wilson (@RavensInsider) January 15, 2015
With everyone on watch with one Ravens assistant, another is also quite possibly leaving for another gig.
Ravens secondary coach Steve Spagnuolo, former Raiders coach Dennis Allen are the finalists for Giants' DC job, according to a source— Aaron Wilson (@RavensInsider) January 15, 2015
Spagnuolo was the defensive coordinator for the Giants in 2007 and 2008. In 2007, his defense helped contribute to a Super Bowl title and held an unbeaten Patriots offense that couldn't be stopped to just 14 points in the championship game. However, a head coaching stint in St. Louis and and a defensive coordinator job in New Orleans did not go well for him.
With the Ravens, Spagnuolo endured six defensive backs going on injured reserve. Given the circumstances, it's hard to judge his performance, though it does appear it could have been far worse.
With Spagnuolo having success in New York previously, he very well could go back to once again be in the coordinator ranks. We'll just have to see how it shakes out.