Terry spent most of last season with AHL St. John’s, scoring 30 goals and 68 points with the IceCaps. He got called up to play in 14 games with the Canadiens, and had two goals and two assists.
Montreal signed Terry to a one-year extension in March.
The 28-year-old spent the first eight seasons of his professional career with the Carolina Hurricanes organization, which drafted him in the fifth round (132nd overall) in 2007.
Defenceman Matt Taormina, who was waived on Wednesday, has cleared and will report to the AHL.