The structures and magnetic properties of Ni 77 Co 23 (1.8 nm)/Ag (t Ag nm) multilayers, prepared by dc-magnetron sputtering, have been studied as a function of Ag layer thickness (t Ag ). The films progressively evolve from ferromagnetic to superparamagnetic with t Ag increasing from 1.0 to 3.6 nm. This magnetic transition versus t Ag is accompanied by a gradual structural evolution from layered multilayers to a granular system composed of NiCo giant granules. The sizes of giant superparamagnetic granules are approximately 40 -80 and 100 -140 nm for the samples with t Ag ¼ 3:0 and 3.6 nm, respectively. Furthermore, the granules grow as metastable fcc NiCo phases with a lattice parameter of 0:4044 AE 0:0002 nm. The mechanisms responsible for the phenomena and the relationship between magnetization and structural evolution in the films are discussed.