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An analysis of both magnetic and magnetotransport properties is presented for electrodeposited multilayers prepared intentionally under conditions to make the superparamagnetic (SPM) magnetization contribution comparable to or larger than the ferromagnetic term. Based on a model elaborated for the giant magnetoresistance (GMR) of granular metals [N. Wiser, J. Magn. Magn. Mater. 159, 119 (1996); B. Hickey et al., Phys. Rev. B. 51, 667 (1995)], it is shown that in such multilayers both the magnetization and the GMR can be decomposed into ferromagnetric and superparamagnetic contributions where the latter term is described by a Langevin function. The size of the SPM regions estimated from the experimental data is in the nanoscale regime. It is believed that the method applied here gives a quantitative answer to the problem of the often observed nonsaturating behavior of GMR in multilayers. Electrodeposited multilayers are particularly prone to this feature although the occurrence of SPM regions is quite common in multilayers prepared by any technique. Therefore, this type of analysis should help better understanding of the factors influencing the GMR of multilayer films.