Chris Drury could be back on the open market come July 1.
The New York Daily News reports that Rangers general manager Glen Sather is planning to buy out the final season of Drury's five-year, $35.25 million contract.
"He's gone," a source told the Daily News.
The NHL's buyout period begins next week and runs through June 30. Buying out Drury would save the Rangers $3.3 million against next year's salary cap and would cost the club $1.6 million in the 2012-13 season.
The salary cap is expected to go up from $59.4 million to $60 million to $63 million next season.
According to the Daily News, the Rangers will also buy out the rest of forward Wojtek Wolski's contract, fueling speculation that they could make a charge for a big-ticket free agent like Brad Richards.