According to ESPN's Field Yates, $8.26 million of Shazier's $8.718 million was converted, which means he can receive the money immediately.
The move has no salary-cap implications, meaning it seems a goodwill gesture on the part of the organization.
Shazier is on the physically unable to perform list and will miss the entire 2018 season after suffering a spinal injury against the Cincinnati Bengals last season.
In December, Shazier underwent spinal stabilization surgery.
Shazier reportedly began walking again in February after regaining feeling in his legs, and he provided a feel-good moment at the 2018 NFL draft in April.
The 25-year-old walked across the stage at AT&T Stadium in Arlington, Texas, and announced the Steelers' first-round pick of Virginia Tech safety Terrell Edmunds.
Since suffering the injury, Shazier has been steadfast in his desire to eventually return to playing football.
The two-time Pro Bowler can become a free agent next offseason.