The 32-year-old Marchant had three goals and six assists in 18 games for Columbus this season. He signed a free agent contract with the Blue Jackets in July 2003, after playing for Edmonton from 1994.
According to a report from The Sports Network of Canada, Marchant was a part of the original deal that sent Fedorov to Columbus. But the center would not waive his no-trade clause, taking him out of the trade.
Marchant reportedly will earn $2.47 million this season and has three years remaining on his contract.
Columbus was looking for some room under the salary cap after acquiring Sergei Fedorov in a trade with the Ducks last week.
The 5-foot-10, 180-pound Marchant has 148 goals and 238 assists in 774 NHL games over 13 seasons. He has seven goals, six assists and 42 penalty minutes in 43 postseason appearances. His best season was 2002-03 when he had 20 goals, 40 assists and 48 penalty minutes with Edmonton.
Information from The Associated Press was used in this report.