The 25-year-old is an RFA and his arbitration hearing is set for Monday, July 25.
Holland played parts of the last three seasons with the Leafs, with a single stint with the Toronto Marlies in 2013-14. Last season, he scored nine goals and 27 points in 65 NHL games.
The arbitration process can be difficult for both player and team, which is why we saw a couple of last-minute signings — take Marcus Johansson with the Washington Capitals and Chris Kreider with the New York Rangers, for example.
Placing players like Holland and Jordan Schroeder of the Minnesota Wild may be an arbitration tactic — one that, if neither player is claimed, could suggest they are worthy of a two-way contract rather than a one-way deal.