The 34-year-old was suspended without pay by the Jets after he failed to report to training camp in September. Byfuglien had taken a leave of absence from the team for personal reasons.
He has two years remaining on his contract with Winnipeg, which carries an average annual value of $7.6 million. If he does return this season, Winnipeg would be on the hook for his cap hit.
The Roseau, Minn., native has played in 869 regular-season games, racking up 177 goals, 525 points and 1,094 penalty minutes.