The Sharks announced that they will not be offering the goalie a contract when Nabokov becomes a free agent next week.
Nabokov made $6 million last season and Sharks GM Doug Wilson said he sees a trend in the NHL going with younger, cheaper goalies pointing to the Chicago Blackhawks who won the Stanley Cup will making $827,000.
Nabokov went 44-26 last season with a 2.43 GAA. Nabokov has been one of the top goalies in the league the past few years, winning an NHL-best 131 games over the past three seasons. He has a 293-215-29 record in 10 seasons with the Sharks, with a 2.39 goals-against average.
