The Maple Leafs acquired the defenseman and a first-round pick from the Washington Capitals in February for Rasmus Sandin.
Erik Gustafsson will play for his sixth NHL team when the 2023-24 season opens in a few months.
The 31-year-old offensive defenseman has signed a one-year contract with the New York Rangers that carries a cap hit of $825,000.
Gustafsson appeared in nine regular-season games for the Maple Leafs, tallying four assists in that span. He also played two games in the playoffs, including one which sent Toronto to the second round for the first time since 2004.
He scored one goal for Toronto, which was against the Florida Panthers in the second round of the postseason.
The six-foot tall defenseman has played for the Chicago Blackhawks, Calgary Flames, Philadelphia Flyers, Montreal Canadiens, Capitals, and Maple Leafs in his eight-year NHL career.
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