They will add Boykin, who missed all of last season with an injury and saw another malady limit him previously as a free agent.
The move comes four days after Baltimore lost starting cornerback Tavon Young to a season-ending torn ACL.
A slot cornerback by trade who fared well for the Eagles and Steelers in the past, Boykin spent the 2016 season on the Bears' injured reserve list with a torn pectoral muscle sustained during the preseason.
Boykin has 131 tackles (116 solo), eight interceptions, including one returned for a touchdown, 37 passes defensed, two sacks, five forced fumbles and one fumble recovery. Back in 2013, he led the Eagles with six interceptions as a second-year pro.
The Steelers chose not to re-sign Boykin after the 2015 season was over and during that time their rumors that he was dealing with some sort of degenerative hip injury long after he had signed a one-year contract with the Carolina Panthers in March of 2016.
Arrington, 30, has not appeared in a game since the 2015 season.
Arrington's release is a result of a failed physical according to the Baltimore Sun's Jeff Zrebiec.
Arrington's release, meanwhile, ends his disappointing tenure in Baltimore and creates $2.1 million in salary cap space.
Before signing Boykin and Shabazz to ease Young's departure, coach John Harbaugh has praised the group's depth and experience during offseason training activities.