Markus Naslund is retiring and an announcement to make it official is described as "imminent".
A report in the Sunday edition of the New York Post broke the story and included speculation that the Rangers may have intended to buy out the 35-year-old forward, which may have contributed to his decision to retire.
Sources say the notion of buying Naslund out of the final year of his contract with New York was never proposed.
Naslund made his decision following the Rangers' first round loss to the Washington Capitals and informed his teammates before the team disbanded for the offseason.
His decision to walk away is based on his dissatisfaction with his game and the fact he isn't able to play at the standard he considers to be acceptable.
Naslund signed a two-year, $8 million contract with the Rangers last summer, but because he didn't turn 35 until after July 1st of last year, New York will not be on the hook for the remaining $4 million cap hit.