King carries with him a $715,000 cap hit, according to Pro Football Talk.
A fourth-round pick in 2008 by the Rams, King was brought in to compete as a lower-end reserve among the Steelers' cornerback depth chart. He was signed after a rash of injuries late in the season, and kept around for the 2013 offseason.
Malone, a 5-foot-10, 185-pound cornerback from Kansas State, looks to translate into the kind of zone cornerback the Steelers covet. His chances of making the roster are long, and perhaps signing him now suggests King didn't have much of a shot either.
However, Malone led the NCAA with seven interceptions in 2011, and earned All-America status as well as a place on the All Big 12 first team. Not an elite level athlete with elite level size, he was initially signed after the draft by the Colts, but released him in favor of a player they had try out.
The Steelers finish up their 10-session OTAs with a practice today. Minicamp begins June 11 in Pittsburgh, running through June 13.