Henrik Lundqvist's time with the New York Rangers is set to come to an end after 15 years.

The Rangers are expected to buy out the final year of Lundqvist's contract, TSN's Darren Dreger reported during Tuesday's edition of "Insider Trading."

"Unfortunately for Henrik Lundqvist, there will be a separation from the New York Rangers by form of that buyout," Dreger said.

"This would not come easy to the New York Rangers, again, given everything that Lundqvist has provided to the Rangers as an organization. This was a tough decision but a decision that has to be made moving forward," Dreger added.

Lundqvist has one season remaining on his current contract that carries a cap hit of $8.5 million for the 2020-21 season.

The 38-year-old has spent his entire career with the Rangers since being selected by the team in the seventh round of the 2000 NHL Draft. 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 NHL roster next season. During the 2019-20 season, 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 team to the Stanley Cup Final once in 2014 and the conference finals on two occasions.

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