Armada general manager Joël Bouchard held a press conference Monday morning announcing the move.
Matteau left the team after being benched during the third period of Saturday's 2-1 loss to Baie-Comeau Drakkar in Game 2 of the Quebec Major Junior Hockey League playoffs.
Matteau, 19, was issued a slashing penalty late in the second that led to the winning goal. The Armada trail the best-of-seven semifinal-round series, 2-0.
Matteau's father, former NHL player Stephane Matteau, is an assistant coach with the Armada.
"He's not with the [Armada] at the choice of the team," Devils general manager Lou Lamoriello told The (Bergen) Record. "It's my understanding it's a mutual choice. I have not spoken to [Matteau]. This all happened in the last day or so and I have spoken to the general manager and I support what has transpired. But until I speak to the player, I really don't have anything to add."
In October, the league suspended Matteau one game and the team suspended him an additional game for a check from behind against a player from the Chicoutimi Sagueneens on Oct. 20. Matteau, who was selected No. 29 by New Jersey in 2012, also received a one-game suspension from the league earlier in the season for being the aggressor in a fight.
Matteau played in 17 games for the Devils this season, producing one goal, three points and six penalty minutes before being returned to the Armada on March 17. By playing Matteau in more than five NHL games this season, the Devils burned one full season off his three-year, entry-level contract.
Matteau had three goals and six assists and 16 penalty minutes in 11 playoff games for the Armada. He posted 18 goals, 10 assists and 70 penalty minutes in 35 regular season games.