The six-foot-three, 192-pound Swede is due to become a free agent this summer.
The 27-year-old goalie known as the Monster played in 42 games for the Leafs last season with a 2.92 goals against average, .902 save percentage and 17-17-4 record.
Signed as a free agent amid much hoopla, Gustavsson had some health issues and, despite some good runs, was never able to claim the starting position beyond the short-term.
The move leaves the Leafs with James Reimer and Ben Scrivens. The team has said it will look to upgrade the position if possible but insists it is comfortable with the two goalies it has.Suggest a correction