Some FeNi‐Ag granular films of composition Fe11.43Ni6.35Ag82.22 (sample A) and Fe7.62Ni16.4Ag75.98 (B) were prepared by using rf magnetron sputtering, and once deposited were rapidly annealed at 600, 650, and 750 °C. All samples displayed giant magnetoresistance. The zero‐field‐cooled and field‐cooled processes evidence the segregation of ferromagnetic particles with a broad size distribution. The temperature and magnetic field dependence of the resistance is analyzed. The magnetoresistance follows a Hn law at high fields and it decays from its maximum value with a Tm behavior, with m approaching 1 at high fields.