The Steelers made the move Tuesday, a day after Burress turned 36.
Burress had surgery Monday morning to repair a torn rotator cuff in his right shoulder.
Burress joined the NFL with Pittsburgh in 2000. He has caught 553 passes for 8,499 yards and 64 touchdowns in the regular season with the Steelers, Giants and Jets. He played three games for Pittsburgh last season.
In the 2008 Super Bowl, Burress caught a 13-yard TD pass with 35 seconds left to lift the Giants over the New England Patriots.