The Broncos had a need at linebacker even before losing projected starter Jonas Griffith for several weeks with a dislocated elbow.
Schobert recently had a workout with Denver. He also visited with the New Orleans Saints.
In a corresponding move, the Broncos have waived G Ben Braden, according to Troy Renck.
Schobert, 28, was a fourth-round pick by the Browns out of Wisconsin back in 2016. He finished out his four-year, $2.97 million rookie contract that included a $633,956 signing bonus.
Schobert then signed a five-year deal worth $53.75 million with the Jaguars in March of 2020 before later being traded to the Steelers in 2021. Pittsburgh elected to cut him loose back in March.
In 2021, Schobert appeared in 16 games for the Steelers, recording 112 total tackles, two tackles for loss, one forced fumble, one interception, and six pass deflections. Pro Football Focus had him rated as the No. 49 linebacker out of 87 qualifying players.