We present an experimentally-feasible method to produce a giant and tunable spin squeezing, when an ensemble of many four-level atoms interacts simultaneously with a single-mode photon and classical driving lasers. Our approach is to simply introduce a time-dependent collective atomphoton coupling. We show that the maximal squeezing factor measured experimentally can be well controlled by both its driving magnitude and driving frequency. Especially, when increasing the driving magnitude, the maximal squeezing factor increases, and thus can be enhanced rapidly. We also demonstrate explicitly, in the high-frequency approximation, that this spin squeezing arises from a strong repulsive spin-spin interaction induced by the time-dependent collective atom-photon coupling. Finally, we evaluate analytically, using current experimental parameters, the maximal squeezing factor, which can reach 40 dB. This giant squeezing factor is far larger than previous ones. [2,10,11]. Now the preparation of spin squeezing states has become an important subject in quantum information and quantum metrology [2,3]. In principle, nonlinear spin-spin interactions are necessary for producing spin squeezing states, and moreover, have been constructed experimentally in both multicomponent Bose-Einstein condensates (BECs) [12][13][14][15][16][17][18] and atom-cavity interacting systems [19,20]. However, the generated spin-spin interactions are weak, and thus the corresponding maximal squeezing factors (MSFs) acquired are lower than 10 dB [2,3]. Recently, many proposals [21][22][23][24][25][26][27][28][29][30] have been suggested to enhance the upper limits of the MSFs in laboratory conditions, but the experimental challenges are difficult.Here we present an experimentally-feasible method to achieve a giant and tunable spin squeezing, when an ensemble of many four-level atoms interacts simultaneously with a single-mode photon and classical driving lasers. Recently, a similar setup has been considered experimentally in a BEC-cavity system, and a remarkable quantum phase transition, from a normal phase to a superradiant phase of the Dicke model, was observed [31,32]. The distinct advantage of this setup is that the realized * chengang971@163.com † tjia@sxu.edu.cn ‡ fnori@riken.jp Dicke model has a tunable collective atom-photon coupling through manipulating the intensities of the classical driving lasers [33].The central idea of our work is to simply introduce a time-dependent collective atom-photon coupling in the realized Dicke model. We show that the MSF can be well controlled by both its driving magnitude and driving frequency. In particular, when increasing the driving magnitude, the MSF increases, in contrast to the known results of the undriven Dicke model [2], and thus can be enhanced rapidly. In the high-frequency approximation, we demonstrate explicitly that this spin squeezing arises from a strong repulsive spin-spin interaction induced by the time-dependent collective atom-photon coupling (for the undriven Dicke model, only a weak att...