Stevens, 41, spent 13 of his 22 NHL seasons with the Devils, helping the club to Stanley Cup crowns in 1995, 2000 and 2003. He was a 13-time All-Star Game selection and twice was named a First-Team NHL All-Star.
The Devils said Stevens will remain with the hockey team in a yet to be determined role.
Stevens missed 44 games during the 2003-04 season after suffering a head injury on Jan. 7, 2004, and sat out the playoffs as well.
Stevens began his career with Washington in 1982 and spent eight years with the Capitals before playing one season with St. Louis.