Zaitsev, who joined the NHL in 2016, initially signed a seven-year, $32 million contract with the Toronto Maple Leafs. However, after a decline in performance, he was traded first to the Ottawa Senators and then to the Blackhawks.
With Zaitsev's $4.5 million salary now off their books, the Blackhawks' GM Kyle Davidson has more room to improve the team's defense, which currently lacks depth.
The team has only four defensemen under contract, including Kevin Kochinski, who is still on his entry-level deal.
Last season, Zaitsev played 38 games, scored two goals, and made five assists. With the extra $4.5 million in cap space, Davidson is expected to actively seek better defensive options and continue building the team's core through the draft.