The Senators acquired Coburn, 35, in a Dec. 27 trade with the Tampa Bay Lightning along with forward Cedric Paquette and a 2022 second-round pick.
In eight games for the Senators this season, Coburn has an assist and four penalty minutes.
The Senators also recalled blue-line prospect Erik Brannstrom from AHL Belleville on Wednesday and re-assigned the 21-year-old to the team's taxi squad.
Brannstrom, acquired from Vegas in the Mark Stone trade in February 2019, could replace Coburn in the Senators lineup once the latter goes through waivers on Thursday.
The Senators have struggled to a 1-8-1 start this season in which they've been outscored 24-48 in the all-Canadian North Division.