Redden cleared waivers earlier in the day.
Due to completing the accelerated compliance buyout on Redden, the 35-year-old is now an unrestricted free agent.
Before the buyout went into effect, the Rangers had to notify (in written format) both Redden and his agent, Don Meehan, of their intent.
According to a source, "several" teams have expressed interest in Redden.
Per the recently brokered rules of the accelerated compliance buyouts, agreed to Tuesday by the NHL and the NHL Players' Association, the Rangers will pay Redden 100 percent of his salary owed (prorated) for the remainder of the 2013 season.
They will do so while gaining very little benefit for the team; the Rangers will incur his full cap charge for the rest of the season, minus the $900,000 saved by assigning him to the minors.
Redden, who has been buried in the minors since the 2010-11 season, now is eligible to sign with any interested team.
If signed, he will make both the salary on his new contract plus what he is being paid by the Rangers.
The accelerated buyouts, a modification to the existing compliance buyouts in the new CBA, were designed with both Redden and Montreal's Scott Gomez in mind. Gomez, who cleared waivers Thursday, also had his buyout completed, a source confirmed to ESPN.
Information from ESPN.com's Pierre LeBrun was used in this report.