Tallinder spent the last three years with the Devils after spending parts of eight seasons with the Sabres. He entered the NHL as a second-round draft pick of the Sabres in 1997.
Tallinder, 34, played in just 25 games last year, posting one goal and three assists. He was a stalwart on the back end during Buffalo's playoff runs in 2006 and 2007 and became an on-ice mentor to Tyler Myers in 2009. Myers, 23, has struggled without Tallinder as a defensive partner.
"We are excited to have Henrik back in the mix on our blue line," Sabres general manager Darcy Regier said in a statement. "His experience will be invaluable not only in adding more stability to our back end, but also in the development of some of our younger defensemen."
Boychuk was a seventh-round pick of Buffalo in 2010.
The Sabres have focused on defense in recent days, re-signing Alexander Sulzer to a one-year contract and signing Drew Bagnall to a two-way contract Saturday. Buffalo also selected two defensemen in the first round of the draft, Rasmus Ristolainen and Nikita Zadorov, and acquired former Carolina defenseman Jamie McBain in a trade during the draft for defenseman Andrej Sekera.