Ryan's deal is worth $1 million, according to The Athletic's Craig Custance.
The Ottawa Senators bought out the remainder of Ryan's two-year contract, which carried an average annual value of $7.25 million.
Ryan was named the 2019-20 Masterton Trophy recipient. He left the Senators in November to enter the NHL/NHLPA player assistance program and later revealed his battle with alcohol abuse. Ryan returned to the club in February.
In 24 games this past season, he recorded five goals and three assists.