Ike Taylor staying with Steelers

PITTSBURGH -- Cornerback Ike Taylor has agreed to a pay cut, something that should allow the 11th-year veteran to finish his career where it started.

Taylor announced Monday night on Twitter that he has agreed to a new contract with the Pittsburgh Steelers, providing some stability at a position where Pittsburgh is thin and one in which it is apparently targeting in free agency.

Taylor agreed to one-year, $2.75 million contract that frees up $4.25 million for the team's 2014 salary cap, a source confirmed to ESPN.com. The terms were first reported by the Pittsburgh Post-Gazette.

Taylor had been scheduled to make a base salary of $7 million in 2014, leading to speculation that he would have to accept a pay cut to return to the Steelers.

Taylor wrote on his Twitter account Monday:

Taylor is one of just three cornerbacks on the Steelers' roster with any meaningful NFL experience, and he has been a stalwart in Pittsburgh's secondary since becoming a full-time starter in 2005. Taylor, who turns 34 in May, started every game last season and recorded 66 tackles.

But he struggled in the role he had filled for years, and near the end of the season the Steelers stopped having Taylor exclusively shadow the opposing team's best wide receiver. The Steelers are thin at cornerback even with Taylor returning, and they appear intent on adding players at the position via free agency as well as the draft.

The Steelers have inquired about at least three cornerbacks, including Tennessee Titans Pro Bowler Alterraun Verner, in advance of the free-agent signing period, which starts Tuesday at 4 p.m. ET.

The signing of Taylor continues what has been a busy time for the Steelers since last week. They have signed strong safety Troy Polamalu and tight end Heath Miller to three-year contracts, signed outside linebacker Jason Worilds to a one-year contract and released veteran linebacker Larry Foote since last Tuesday.

The Steelers will also officially cut ties with outside linebacker LaMarr Woodley on Tuesday, a source told ESPN NFL Insider Adam Schefter.