The team announced the move Wednesday. The 30-year-old Gilbert had one season left on his contract for $3 million.
If he goes unclaimed by another team, the Wild will use one of their two available compliance buyouts to keep Gilbert's money from counting against their salary cap. He would then become an unrestricted free agent Friday, eligible to sign with any team except the Wild.
Gilbert grew up in Bloomington, Minn., less than 20 miles from the Wild's arena, but he didn't make much of an impact with his hometown team. Acquired from Edmonton for defenceman Nick Schultz before the trade deadline on Feb. 27, 2012, Gilbert totalled three goals and 15 assists over 63 games with the Wild.