The move comes on Tuesday after the players passed through waivers unclaimed.
Martinsen was acquired by the Canadiens from Colorado at last season’s trade deadline.
The Norwegian winger had no points in nine games with Montreal and was signed to a $675,000 contract in June.
Froese signed a two-year contract with the Canadiens worth $1.3 million on July 1 after a season spent with both the Toronto Maple Leafs and Tampa Bay Lightning organizations.
The 26-year-old centre has two goals and three assists in 62 career NHL contests.