The Steelers are looking for a new punter after deciding not to re-sign Mat McBriar, who averaged a career-worst 41.3 yards per punt during the 2013 season.
The seven-year veteran played four seasons for the Jacksonville Jaguars from 2007-10 before signing with Chicago. Podlesh has a career 42.4 yards per punt average. Opponents have blocked just one of his 467 career kicks.
The Steelers announced the contract on Tuesday.