The team didn't disclose terms of the buyout.
"This is one of the most difficult decisions I've had to make in my 44 years in the NHL," Ducks general manager Bob Murray said in a statement. "Corey gave everything to this franchise for 14 years, never giving an inch to his competitors. While his scoring touch is undeniable, his will to win became his greatest attribute.
"We thank Corey for everything he's meant to the Ducks organization. No matter what he elects to do from here, Corey, his wife, Blakeny, and his son, Griffin, will always be part of the Ducks family."
The 34-year-old forward signed an eight-year, $69 million contract with the franchise in 2013 that included a cap hit of about $8.6 million. Perry, who underwent knee surgery in September, played in only 31 games last season and recorded 10 points (six goals, four assists).
Perry has spent his entire NHL career with the Ducks after the franchise selected him in the first round (No. 28 overall) of the 2003 draft. He has scored at least 30 goals six times in 14 seasons, including a league-best 50 scores in the 2010-11 campaign. He became the Ducks' only MVP in team history after winning the Hart Trophy that season.
Perry is a four-time All-Star selection and won the Stanley Cup with the Ducks in his second season in the league (2006-07). He ranks first in team history in games played (988), second in goals (372) and third in assists (404).
The winger's production has decreased since the 2016-17 campaign. He had only 19 goals that season and posted 17 scores the next year.