The Vancouver Canucks have reportedly placed Chris Higgins on waivers, setting in motion the buyout process for the veteran winger, according to Sportsnet's Elliotte Friedman.

It will cost the Canucks a little more than $833,333 for the next two seasons to shed Higgins, who's entering the final season of his four-year contract, but the transaction will see them retain $1.66 million to spend this season.

Higgins cleared waivers last season, allowing for Vancouver to bury him in the minors for a large portion of the season.

He was recalled in March, and finished the year with three goals and one assist in 33 games.

Should Higgins clear and be bought out of his contract, he will be free to sign on with another club while continuing to receive payment from the Canucks.

Vancouver can be well involved in the free-agent market this summer with more than $10 million in available cap space.

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