NFL Network Insider Ian Rapoport reported Thursday that Janikowski agreed to a pay cut from $4 million to $3 million, fully guaranteed.
The 39-year-old former first-round kicker has been dealing with a back issue.
Coach Jack Del Rio was evasive about the situation this week, saying the tryout "took on a life of its own."
With Janikowski agreeing to a pay cut, the replacements will be put on hold, unless the back injury that kept the veteran out the final two preseason games flares up.
As Rapoport notes, Janikowski's pay cut could free up some cash and cap space for a new deal for Donald Penn, who sat out offseason workouts in hopes of a new deal before recently reporting.