Jovanovski was scheduled to make $4 million this season with an NHL salary-cap charge of $4.125 million, according to CapGeek.com.
Selected No. 1 by the Panthers in the 1994 NHL Draft, Jovanovski made his NHL debut in 1995-96, when he scored 10 goals with 11 assists to finish third in Calder Trophy voting for the League's top rookie. He played in all 22 postseason games of Florida's run to the Stanley Cup Final, where it was swept by the Colorado Avalanche. Two seasons later he was traded to the Vancouver Canucks as part of the package for Pavel Bure.
A six-time all-star, Jovanovski, 38, had five points (one goal, four assists) in 37 games with the Panthers last season. He had hip surgery in April 2013 and was activated from injured reserve in January 2014. He has 137 goals and 363 assists in 1,128 NHL games with the Panthers, Canucks and Phoenix Coyotes, and won a gold medal with Canada at the 2002 Salt Lake City Olympics.