The Athletic first reported the development.
Aiyuk has been out all season recovering from knee surgery last year and there is no timeline for when he could return. Coach Kyle Shanahan said over the summer that Aiyuk could be back on the practice field by early November, but he has remained on the physically unable to perform list.
The move to void the guaranteed money would allow the Niners to cut Aiyuk next year and only carry about $29.5 million of dead money charges on the salary cap for bonuses already paid. They could split that over two years.
Aiyuk signed the lucrative extension last summer following a lengthy contract hold-in that kept him out of training camp. He was coming off a 2023 season when he had 75 catches for 1,342 yards and seven TDs and was a second-team All-Pro.
Aiyuk had only 25 catches for 374 yards in seven games last season before getting injured.
The 27-year-old Aiyuk has 294 career catches for 4,305 yards and 25 TDs since being drafted in the first round in 2020.
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