According to multiple reports, the 35-year-old defenseman was informed by the organization Sunday that it will buy out the remaining year on his contract, which has a salary-cap charge of $4.25 million.
TSN's Bob McKenzie first reported the news via Twitter.
Kaberle appeared in 10 games for Montreal this season, totaling three assists and a plus-4 rating.
The native of Rakovnik, Czech Republic, was selected in the eighth round (No. 204) of the 1996 NHL Draft by the Toronto Maple Leafs. He has 87 goals and 476 assists in 984 NHL games with the Maple Leafs, Boston Bruins, Carolina Hurricanes and Canadiens. He's played in the NHL All-Star Game four times and helped the Bruins win the Stanley Cup in 2011.
If the Canadiens use a compliance buyout on Kaberle, it would be their second and last one; they used their first prior to the start of the season to buy out Scott Gomez's contract.