Red Wings coach Jeff Blashill made the announcement Friday.
Like many of his teammates, Larkin struggled this season. The 24-year-old center had nine goals and 14 assists in 44 games. He had 53 points in 71 games last year in another lackluster season.
Larkin signed a $30.5 million, five-year deal in 2018 after leading the team with career highs in assists (47) and points (63) in his third season. He provided a return on the investment in the first seasons of his new contract, scoring a career-high 32 goals and reaching a career-high 73 points two years ago.
Detroit hosts the Dallas Stars on Saturday night and ends the season May 8 at Columbus.