According to a release the fellowship, which lasts for six months, aims "to give budding journalists an opportunity to contribute to the defense of press freedom and learn about the challenges journalists face around the world".
"Paul Steiger has been a champion of press freedom and this fellowship is a way for us to recognize his contribution and inspire young journalists to support the struggle for free expression," CPJ executive director Joel Simon said in a release.
Steiger - who will next year move to the role of executive chairman of ProPublica - added: "CPJ is the best place I know to learn about the challenges to press freedom and how to overcome them. The fellowship is a great opportunity for young journalists, and I’m delighted to be associated with it."
The press release adds: "The Steiger Fellow will carry out an independent project on press freedom while supporting CPJ staff and working on a variety of assignments, including documenting press freedom abuses and assisting in international advocacy efforts".
The six-month fellowship will be paid and starts in September, with applications for the position open until 1 August.