Poly(N-isopropyl acrylamide) grafted heparin and chondroitin sulfate were synthesized via reversible addition-fragmentation chain transfer (RAFT) polymerization. The copolymers were characterized by NMR, IR, SEC, DLS, SLS and NTA methods. High grafting densities were reached for both glycosaminoglycans. The temperature, pH and polymer concentration affected the low critical solution temperatures values. The increased pNIPAAm chain length, grafting density and concentration led to the sharp phase transition at 35 °C. Spherical nanogels were formed around this temperature. Terminal dodecyl trithiocarbonate groups of the copolymers were reduced to thiols that allowed formation of sensitive nanogels with sharp phase transitions induced by pNIPAAm chains. The copolymers showed no toxicity to the ocular cells and they provided the prolonged release of dexamethasone phosphate at 37 °C. These copolymers are interesting alternatives for ocular drug delivery.