Change of Status from H-1B (Extension Pending Petition) to F-1

Currently I’m on H-1B Extension petition which is still pending by USCIS, can I apply for Change of Status to F-1 NOW? Would it be consider as Change of Status? Am I eligible to COS (Change Of Status) while H-1B Extension is still pending neither to be approved nor to be denied? I will have a new I-20 from the University to pursue my second Master’s Degree. Any advice and/or help is greatly appreciated. Thank you so much for your help.

If the I-94 has not expired, then you can apply for COS from H-1 to F-1.