His cap hit, however, is $3 million.
Several teams are looking for secondary scoring, including the Buffalo Sabres and Ottawa Senators, and could have interest in Setoguchi.
Setoguchi registered 13 goals and 14 assists for 27 points in 48 games with the Wild this past season.
In 384 career NHL regular-season games with the San Jose Sharks and Wild, the Alberta native has accumulated 116 goals and 106 assists for 222 points.
Originally drafted eighth-overall by the Sharks in the 2005 NHL Entry Draft, Setoguchi was traded to the Wild, along with Charlie Coyle and a first-round pick, on June 24, 2011, in exchange for Brent Burns and a second-round pick.