Bogosian was in the final year of a contract with his cap hit of $5.142 million, and was going to be an unrestricted free agent this summer. He signed his contract while with the Winnipeg Jets during the 2013-14 season, and it carried over to the Sabres when he was traded to Buffalo five years ago.
The 12-year veteran defenseman had only appeared in 19 games this season for the Sabres with a goal and four assists since returning to the lineup in November from offseason hip surgery.
In 243 career games with the Sabres, Bogosian has scored 13 goals and registered 54 assists for 67 points, but has missed a total of 170 games as a healthy scratch or due to a number of injuries suffered throughout his entire career.
Bogosian will have until 3 p.m. on Monday to sign with a new team in order for him to be eligible to play during the 2020 Stanley Cup Playoffs.