Rangers president and general manager Glen Sather said placing Redden on waivers, and thereby removing his salary from the Rangers' cap picture, was the right thing to do for the team and will help the organization pursue its goal of giving younger players an opportunity to make the roster out of training camp.
"I told him at the end of last year that if he didn't have a great camp this was going to happen," Sather said of Redden, a two-time All-Star during his years with the Ottawa Senators, whose scoring production slipped to career-lows of two goals and 12 assists in 2009-10.
Should Redden clear waivers, the Rangers would be able to assign him to the AHL's Hartford Wolf Pack. He is in the third season of a six-year, $39 million contract.
Redden said he will take a few days to think his situation over before deciding whether to accept the potential assignment to Hartford or attempt to find a job elsewhere.