The Bears' roster now stands at 77 active players in advance of Tuesday's 4 p.m. ET/3 p.m. CT deadline to trim the roster to 75.
Steltz had re-signed with the Bears on a one-year deal for the veteran minimum on March 18.
Steltz spent the first couple weeks of training camp on the physically unable to perform list (PUP) after undergoing offseason groin surgery, but returned to action last Friday in Seattle where he recorded a tackle on special teams.
Steltz proved to be a valuable special teams contributor over the past six years with 58 total tackles, the second-highest total of any Bears player since 2008. The safety's veteran production and experience will be missed on a special teams unit that has woefully underperformed throughout the entire preseason.
Steltz appeared in 77 career games with eight starts. In his lone start on Dec. 1 2013, Steltz registered 12 tackles versus the Minnesota Vikings. His best stretch in a Bears' uniform occurred in 2011 when Steltz started the final five games and posted career-highs in tackles (42), sacks (1.0) and forced fumbles (2).