The Sabres had placed Woolley, an 11-year veteran, on waivers Wednesday.
Woolley had three assists and a minus-1 rating in 14 games for Buffalo (3-10-3), which has lost five straight and is 0-8-2 in its last 10 games.
The 33-year-old Woolley spent five full seasons with the Sabres after being acquired from Pittsburgh in September 1997. He played in 365 games with Buffalo, recording 40 goals and 125 assists.
Woolley is Buffalo's all-time postseason scoring leader among defensemen with seven goals and 27 assists in 49 games. For his career, Woolley has 57 goals and 196 assists in 548 games.