"Sven informed us late yesterday that he has chosen to opt out of the NHL return-to-play program," Benning said. "It was a difficult decision but ultimately one we respect and understand."
Baerstchi also released a statement of his own.
The Canucks added 21-year-old winger Kole Lind to their return-to-play roster in place of Baertschi.
Baertschi is the second player to opt out of the restart after Calgary Flames defenseman Travis Hamonic withdrew late Friday night. Those who wish to opt out are permitted to do so without punishment if they inform their team by Monday at 5 p.m. ET.
The 27-year-old winger spent the majority of the campaign with the AHL's Utica Comets, tallying 13 goals and 46 points in 43 games. In six games with Vancouver, Baerstchi contributed two assists.
The Canucks will take on the Minnesota Wild in their best-of-five qualifying series. NHL training camps are set to open July 13 with games scheduled to get underway Aug. 1.