Ian Rapoport confirms the news and adds that the Steelers will trade a 2022 fifth-round pick to the Jets for Williamson and a 2022 seventh-round pick.
According to Tom Pelissero, the Jets save around $1.8 million in salary and roster bonuses by trading Williamson.
Recent reports have said that the Steelers were in the market for linebacker help and Williamson is someone who has consistently come up as a trade candidate.
Pittsburgh lost ILB Devin Bush to a season-ending injury, so they could use some depth at the position.
Williamson, 28, is a former fifth-round pick of the Titans back in 2014. He played out his rookie contract with Tennessee before agreeing to a three-year, $22.5 million contract that includes $16 million guaranteed with the Jets.
Williams suffered a season-ending ACL tear last year. He later agreed to a pay cut that reduced his 2020 salary to $3.5 million for the 2020 season.
In 2020, Williamson has appeared in six games for the Jets and recorded 50 tackles, an interception and three passes defended.