Grier posted five goals and 16 points in 73 regular-season games with the Buffalo Sabres last year -- adding one assist in seven playoff games -- but the 36-year-old had yet to hook on with a team this season.
"I was very fortunate to be able to play 14 seasons in the NHL with some great players," said Grier in a statement issued by the NHLPA. "The memories and friendships that I have built during my time in the league will last a lifetime. I would like to thank my former teammates, family and fans for helping make my career so memorable for me. It was a great ride, and I am now excited and looking forward to my post-playing future."
The Boston University product, who won an NCAA title in 1995 with the Terriers, racked up 162 goals and 383 points over 1,060 contests with the Oilers, Capitals, Sabres and Sharks. He also compiled 14 goals and 28 points in 101 playoff appearances.