Holland had recently become frustrated by frequently being listed as a healthy scratch. Holland and his agent, Joe Resnick, met with general manager Lou Lamoriello on the phone last week and decided the forward would not travel with the team on its recent road trip through Western Canada.
The 25-year-old had suited up for just eight games this season, registering one assist and averaging only 10:43 in ice time.
Holland was acquired by the Maple Leafs in November of 2013 from the Anaheim Ducks and is coming off a career-high 27-point campaign in 2015-16. In 203 career games, the Toronto native has registered 30 goals and 40 assists.
With files from Luke Fox