The 37-year-old Zubrus played for the Devils the last eight seasons and was slated to earn $3.1 million this season in the final year of a three-year, $9.3 million deal.
The Lithuanian had 10 points in 74 games last season.
He was drafted by Philadelphia in 1996 in the first round, 15th overall. He played three seasons for the Flyers and competed for Montreal, Washington and Buffalo before joining the Devils in 2007.
Zubrus played in 554 games for New Jersey, scoring 87 goals with 137 assists. He played in 1,243 NHL games, scoring 225 goals and adding 359 assists.