Stoll has just one goal and two assists in 29 games, and had gone 18 games without a point. Stoll is a 13-season NHL veteran and won two Stanley Cup titles with the Los Angeles Kings before signing with the Rangers in free agency last summer.
Coach Alain Vigneault announced the decision after practice.
Also waived on Monday was Anaheim Ducks goalie Anton Khudobin, a person familiar with the decision told The Associated Press. The person spoke on the condition of anonymity because the Ducks have not announced the move.