Both players are set to become restricted free-agents on July 5th if they do not receive contract extensions from their new clubs.
Ferriero, a seventh-round selection for the Phoenix Coyotes in the 2006 NHL Entry Draft, played in four games for the Rangers last season, contributing one assist.
He also split 57 games in the American Hockey League between the Rangers affiliate Connecticut Whale and the Wilkes-Barre Scranton Penguins where he scored eight goals and added 22 assists.
The 26-year-old has also appeared in the NHL with the San Jose Sharks.
Falk played in 36 games for the Wild last season and picked up three assists and 40 minutes in penalties.
He was originally drafted in the fourth round, 110th overall of the 2007 NHL Entry Draft by the Wild.
The Snowflake, Manitoba native made his NHL debut during the 2009/10 season.