Reed is the most accurate kicker in Steelers history, converting 83.3 percent of his career attempts (189-of-227). He was 27-of-31 last season.
Reed, who was in position to become a free agent before being designated as the franchise player, is hopeful of signing a long-term contract.
Reed signed one day after a Pittsburgh judge dismissed disorderly conduct and public drunkenness charges against him. Reed was charged in October following a postgame incident with police outside of a bar near Heinz Field.
Judge Richard King dropped two charges in March and told Reed he would also dismiss the remaining two charges if Reed completed community service.