"I do not see Michael back in Montreal next year," Campbell said.
"Michael did not have a good end of the season. He has not played up to his talent and did not meet expectations for the last 10 games of the year and the playoffs."
Ryder was brought back to Montreal via Dallas on Feb. 26 in a trade, along with a third-round pick, in exchange for left wing Erik Cole.
Campbell confirmed that the Canadiens have not pitched Ryder a new contract offer, and expects the 33-year-old to test the waters July 5.
He also indicated that there "will be some interesting options for" Ryder this summer, as he hits the open market as an unrestricted free agent.