The veteran forward agreed to a 12-year, $73 million contract with the Red Wings back in 2009.
Zetterberg, 31, was first approached by Timra IK of the Elitserien League in Sweden, but the club is struggling to afford the costs to have him back in their lineup as expenses are reportedly adding up close to a Million dollars.
The top forward played for Timra before becoming a Red Wing and during the 2004-05 lockout.
Other NHL players have signed with teams in Switzerland, including San Jose Sharks forwards Joe Thornton and Logan Couture, New York Rangers left wing Rick Nash and Ottawa Senators center Jason Spezza.
In 82 games with the Wings last season, Zetterberg collected 22 goals and 47 assists for 69 points.