Frost, 21, the younger brother of Collingwood backman Jack, played 16 games for the Giants this season, for a career tally of 21 over three seasons.
The former rookie managed to hold down a key defensive post for much of the season in the absence of injured Giants Phil Davis, Nick Haynes and Tim Mohr, but can also be used in attack.
Frost, who is out of contract, was drafted from TAC Cup side Sandringham Dragons, with his athleticism and height important attributes.
And the No.2 draft pick in 2012, midfielder Jono O'Rourke, is likely to make a decision in the next few days about his future.
The Giants hold pick three in the NAB AFL Draft ahead of next month's trade and free agency period, and have also activated a compensation draft selection at the end of the first round (approximately pick No.20).