Sykora and rookie Robbie Earl were placed on waivers on Tuesday. Earl can be returned to the minors or stay with the Wild if he clears, but Sykora's stint with Minnesota is all but over.
Sykora turned down richer offers to play in Russia and signed a one-year, $1.6 million contract with the Wild in September.
The 33-year-old ranked fourth on the Stanley Cup champion Pittsburgh Penguins last season with 46 points in 76 games. He had only two goals and one assist in 14 games with Minnesota, missing nearly two months while recovering from a concussion.
Also, defenseman Brent Burns skated with the team Tuesday for the first time since suffering a concussion two months ago.