The 14-year NHL veteran had a year remaining on his contract with a salary cap hit of $4.25 million.
The NHL teams are allowed to buy out two players under the new collective bargaining agreement. The Canadiens used their first one to buy out center Scott Gomez before the lockout-shortened season.
Kaberle spent two seasons with the Canadiens. He had three goals and 25 points in 53 regular-season games. He was acquired Dec. 9, 2011, from Carolina in exchange for Jaroslav Spacek.