Greene, who played for the Kings the past nine seasons and helped the club win two Stanley Cups, had one year remaining on his player contract. The buyout will result in a cap charge of approximately $833,333 for the 2017-18 season and the 2018-19 season.

"Matt has made incredible contributions to our hockey club and we are very grateful for everything he has done since joining our organization including his outstanding leadership," said Kings President Luc Robitaille. "Upon his arrival to Los Angeles he played a significant role in helping change the culture of the Kings and his contributions to our two Stanley Cups in particular is immeasurable."

Limited to 26 games this past season due to injury, Greene was still named the recipient of the Ace Bailey Memorial Award (Most Inspirational Player) as voted by his teammates for the sixth time.

Video: PIT@LAK: Greene blasts a one-timer past Fleury

With the Kings, Greene played in 464 regular season games and recorded 67 points (16-51=67) and 458 penalty minutes. Among Kings defensemen all-time he ranks ninth in games played. Greene also played in 61 playoff games with the Kings and registered 13 points (2-11=13) and 48 penalty minutes in postseason action. Greene's final playoff game was in 2014 when he lifted the Stanley Cup for the second time.

Originally selected by the Edmonton Oilers in the second-round (44th overall) in the 2002 NHL Entry Draft, Greene broke into the NHL with the Oilers during the 2005-06 season after three seasons at the University of North Dakota. In his first NHL season, he advanced to the Stanley Cup Final.

Greene was acquired by the Kings from the Oilers with Jarret Stoll for Lubomir Visnovsky on June 29, 2008 and served eight seasons as a Kings assistant captain after being named to the post prior to the 2008-09 season. In 2010-11 he was voted by his teammates as the Unsung Hero on the club.

This past season he played in his 600th career game on November 23. He began the season 11th on the Kings' all-time games played list among defensemen before surpassing Steve Duchesne (November 3) and Jaroslav Modry (December 13). His NHL career to date features 615 regular season games played and 80 points (13-67=80) recorded.

Greene, 34, is a native of Grand Ledge, Michigan. He also represented Team USA at a number of international tournaments, including the World Championships, World Junior Championships and World U18 Championships.