Red Wings general manager Ken Holland says he expects Maltby to tell him Thursday if he is going to retire or play for the Grand Rapids Griffins in the American Hockey League.
Maltby cleared waivers on Wednesday. He signed a one-year, two-way contract that means he can play in Detroit and for Grand Rapids.
The 37-year-old Maltby been a Red Wing since the 1995-96 season, helping the team win four Stanley Cups. He has played in 169 playoff games, trailing just three players in Red Wings history.
Maltby scored just four goals and had two assists in 52 games last season.