The Blackhawks signed free agent goalie Cristobal Huet to a four-year, $22.5 million deal in July, giving them two top goaltenders.
Khabibulin was the Blackhawks' highest-paid player until defenseman Brian Campbell signed an eight-year, $56.8 million free-agent contract with the team on July 1.
But Khabibulin has been inconsistent and injured over the past three seasons. In 2007-08, he appeared in 50 games, posting a 23-20-6 record with a 2.63 goals against average and .909 save percentage.
"We're going to do what's best for the Chicago Blackhawks," general manager Dale Tallon said in August about the two No. 1 goalies. "If that means keeping Nick, we'll do that. If not, we'll move on."
The Blackhawks finished 40-34-8 last season.