Devils president and general manager Lou Lamoriello announced the move after practice on Tuesday.
If Rolston is not claimed by Wednesday at noon, the Devils can either assign him to their AHL team at Albany, N.Y. or keep him on the roster for a game against the Phoenix Coyotes later that night.
The Devils will get no salary cap relief sending the 37-year-old Rolston to the minors. He was over 35-years-old when he signed his contract so his $5 million salary will count against the Devils' cap whether he plays for them or in the minors.
The only way his salary would come off the cap would be if another team claimed him, and that seems unlikely.