Shepard was listed as a full participant in Thursday's practice.
"He feels good and he had a good day [Wednesday]," coach Pat Shurmur said before Shepard was cleared by an independent neurologist later in the afternoon.
It's welcome news to a Giants receiving corps that hasn't been able to keep players on the field. Cody Latimer is in the concussion protocol, Golden Tate is serving a four-game suspension for violating the NFL's policy on performance-enhancing substances and rookie Darius Slayton has yet to play because of a hamstring injury.
Slayton was listed as a limited participant in Thursday's practice but could return Sunday.
Bennie Fowler, who is second on the Giants with 10 catches this season, didn't practice. He suffered a hamstring injury on Wednesday.
Shepard entered the regular season as the Giants' No. 1 receiver. They signed him to a lucrative contract extension this offseason and were expecting him to help pick up the slack with Odell Beckham Jr. now in Cleveland.
Shepard had six catches for 42 yards in the opener against the Cowboys. He had 66 catches for 872 yards and four touchdowns last season.