The Rangers have placed Wade Redden on waivers, a source confirmed to ESPNNewYork.com, clearing the way to cut ties with the 35-year-old and his six-year, $39M contract.

Assuming Redden clears waivers Thursday at noon ET, the Rangers plan to notify him and agent Don Meehan they will be using an accelerated compliance buyout on the two remaining years on his contract.  Redden would then become an unrestricted free agent.