The 40-year-old helped the Red Wings win four Stanley Cups and was named the NHL's best defensive forward in 2004. But injuries limited him to 47 games and 11 points last season.
General manager Ken Holland is scheduled to be at Tuesday's news conference at Joe Louis Arena. The team would not disclose other details.
Draper made his NHL debut with the Winnipeg Jets during the 1990-91 season and has 161 goals and 364 points in his career.