Liles, 32, has three-years left on his current contract. While his annual salary cap hit is $3.875 million, he's owed $4.25 million in each of the next two seasons, and $2.75 million in 2015-16.
It has been widely reported that Leafs head coach Randy Carlyle is not overly fond of Liles' style, which is why he opted to dress the likes of Mike Kostka and Korbinian Holzer instead of him.
If the Leafs opt to buy Liles out, they will be responsible for paying him $1.25 million per year for the next six seasons. Such a move would save the Leafs a cap hit of $3.875 for the next three seasons and a total of $3.75 million in actual salary.
Teams can buy out a maximum of two players and not have their contracts count against the salary cap.
However, such a move is not guaranteed, as the Leafs could try to trade Liles this summer. He owns a limited no-trade clause, though, and might be required to put his stamp of approval on a deal.
Another target for being bought out is defenseman Mike Komisarek, who has one-year left on his contract.
Komisarek is owned $3.5 million next season, though his cap hit is $4.5 million. If bought out, the Leafs would only be responsible for paying $1.667 million per season for the next two seasons.