Heyward-Bey spent last season with the Colts, having arrived from the Oakland Raiders, where he had spent the first four years of his NFL career.
Despite beginning last year as a starter, the 27-year-old dropped nine Andrew Luck passes and was eventually reduced to a special teams role.
During his career, Heyward-Bey has recorded 169 receptions for 2,380 yards and 12 touchdowns. He has also carried 11 times for 109 yards.
Financial terms of his new contract with the Steelers have not yet been announced.