The Steelers will absorb a minimal cap hit ($322,500) in 2015 if they release the 31-year-old Moore, who had signed a two-year, $3 million deal with Pittsburgh last March.
The nine-year veteran, just two years removed from a 1,000-yard season, rarely had more than a bit role in the offense in 2014, catching just 14 passes for 198 yards and two touchdowns.
"It didn't go the way I'd hoped it would go, but that's life in the NFL sometimes," Moore said on Jan. 5 after the Steelers were eliminated in an AFC wild-card game. "It's unfortunate that it unfolded the way that it did, but I enjoyed my time here this season.
"I just want to play ... whether that's here or somewhere else. I'd love to be here, I'd love to be a part of this offense, but I think those are decisions that have to be made down the line."
Moore spent his first eight NFL seasons with the New Orleans Saints. During the 2012 season, he caught 65 passes for 1,041 yards and six touchdowns for the Saints.
ESPN NFL Insider Adam Schefter and Scott Brown of ESPN.com contributed to this report.