Jokinen had one year and $4 million remaining on his contract. In order to buy him out, the Panthers will carry a salary cap hit of $1.33 million over the next two seasons.
The reported move will see $2.66 million cleared off the books for the upcoming season, per Cap Friendly.
Jokinen registered 11 goals and 17 assists in 69 games last season. He'll now become an unrestricted free agent.