Spezza, 31, has one-year left on his contract, which pays him $4 million next season, though his salary cap hit is $7 million.
The Predators almost acquired Spezza on Friday, but he refused to waive his no-trade clause for Nashville.
Stars GM Jim Nill is expected to pursue center Paul Stastny, if he hits the open market as an unrestricted free agent tomorrow at noon ET. Failing to sign him could lead to the Stars upping their efforts to acquire Spezza.
In 75 games with the Senators this past season, Spezza registered 23 goals and 43 assists for 66 points.