Devils general manager Lou Lamoriello announced the move Monday, saying the team will buy out both player's contracts if they are not picked on waivers.
In a telephone call with The Associated Press, Lamoriello said he had spoken with White about the possibility of being waived since the season ended, and he talked to Hunter about a possible second transaction after the Devils acquired him from the New York Islanders for Brian Rolston last week.
White was to be paid $3 million next season in the final year of his contract. Hunter had two years left at $2 million annually. The combined cap hit for buying out the two players for next season would be $1.67 million.