The team announced Monday that Sestito will not play for the Canucks or the American Hockey League's Utica Comets for the remainder of the season.
"Sestito will workout on his own and will continue to receive his salary while the Canucks work to identify a new club where he can continue his career," the team said in a statement. "The Canucks and Comets thank Tom for his contributions and wish him luck in the future."
The statement did not give a reason for the move.
The Canucks placed Sestito on waivers in early January, shortly after the rugged forward said he wasn't getting a chance with the NHL club in an interview with the Vancouver Province.
He only appeared in three games with the Canucks this season, contributing one assist and seven penalty minutes.
The native of Rome, N.Y., had a goal and 20 penalty minutes with Utica after clearing waivers and has not played since Jan. 31.
Sestito has played in 137 NHL games with Columbus, Philadelphia and Vancouver, posting 10 goals, eight assists and 432 penalty minutes.
Also Monday, the Canucks have recalled goaltender Jacob Markstrom from Utica.
Markstrom has a record of 17-7-2, including four shutouts, with the Utica this season.
He will back up Eddie Lack after starting goaltender Ryan Miller suffered in injury in in Vancouver's 4-0 win over the New York Islanders on Sunday.