Whitney, 30, is scheduled to become an unrestricted free agent July 5 and he won't be signing a new contract with the Oilers.
The Oilers almost traded Whitney prior to the April 3 trade deadline, but the club decided against a move, much to Whitney's disappointment.
Whitney has experienced a very up-and-down season this year with the club, and was quick to voice his discontent after being scratched from the final game of the season.
"Want to wish the Oilers best of luck in the future," he wrote on his Twitter page. "Met a lot of great people and made some life long friends during my time in Edmonton."
Whitney earned a salary of $5.5 million, prorated, this season, though his annual cap hit was $4 million.
He should command a salary above the $4 million range, though he struggled with injuries the previous two seasons and that could impact the term he gets on a new deal.
Several teams had shown interest in Whitney prior to the deadline, and that interest should be visible this summer when the free agent doors swing open.
In 34 games with the Oilers this season, Whitney registered four goals and nine assists for 13 points.