Ryan Malone will become an unrestricted free agent after the Tampa Bay Lightning indicated on Wednesday they will use a compliance buyout on the veteran left wing.

Malone had one season remaining on a seven-year deal he signed worth $31 million US. The cap hit of $4.5 million will no longer be on Tampa Bay's books.

The Lightning, however, will have to pay Malone approximately $1.67 million, spread out over two seasons, under the NHL's buyout rules.

Tampa Bay also announced Wednesday that it has re-signed forward Ryan Callahan to a six-year contract.

Malone has reached 20 goals on five occasions in his career with Pittsburgh and Tampa Bay, but will be 35 in December and got into trouble off the ice this past season, arrested for cocaine possession and driving under the influence.

Malone, who was born in Pittsburgh but grew up in Minnesota, has scored 179 goals and 191 assists for 370 points in 641 career regular-season games, with 689 penalty minutes. He's scored 25 game-winners and 57 power-play goals.