Lundqvist expressed his gratitude shortly thereafter.
There was one season remaining on his contract at a cap hit of $8.5 million.
The 38-year-old had spent his entire career with the Rangers since the team selected him in the seventh round in 2000. His 887 games played, 459 wins, and 64 shutouts are all franchise records.
Rangers general manager Jeff Gorton said in August that the team's plan is to carry only two goalies on its roster next season. During the 2019-20 campaign, Lundqvist split starts with teammates Alexandar Georgiev and Igor Shesterkin.
Since Lundqvist's rookie season in 2005-06, the Rangers have made the playoffs 11 times. He helped guide the club to the Stanley Cup Final in 2014 and the conference finals on two occasions.