Reilly, 29, has spent parts of the last three seasons with the Boston Bruins, appearing in 71 games during the 2021-22 campaign, but was in the American Hockey League with Providence for the majority of 2022-23.
In 36 games for Providence this season, the Chicago native had 26 points (seven goals, 19 assists), 34 penalty minutes and was a plus-three. He also appeared in ten games for Boston, putting up one assist and two penalty minutes.
Buying out Reilly's contract, combined with the Taylor Hall trade earlier this week, could signal that the Bruins are going to make one final push to sign pending UFA forward Tyler Bertuzzi, who is set to hit the open market at noon ET tomorrow.