The Vancouver Canucks will buy out goaltender Braden Holtby on Tuesday, TSN Hockey Insider Pierre LeBrun has confirmed.

Holtby has one year left on his current contract at a cap hit of $4.3 million.

The Canucks will have to place Holtby on waivers to complete the transaction.

The 31-year-old appeared in 21 games last season for the Canucks and posted a 7-11-3 record with a 3.67 GAA and .889 save percentage.

LeBrun also reports that the San Jose Sharks will place goaltender Martin Jones on unconditional waivers to buy him out on on Tuesday.

Jones has three years left on his deal with a cap hit of $5.75 million per season.