Hutchinson was the Leafs' backup for most of the 2019-20 season but won only five of 12 starts while posting a .888 save percentage.
Toronto acquired Jack Campbell from the Los Angeles Kings in February to play behind Frederik Andersen. The Maple Leafs also signed former San Jose Sharks netminder Aaron Dell to a minor-league contract this offseason to shore up their goaltending depth.
The Colorado Avalanche traded for Hutchinson prior to last season's deadline. The 30-year-old played better for the Avs, winning his only regular-season appearance before making three starts in the playoffs, during which he posted a .910 save percentage.
Hutchinson owns a .905 save percentage across 127 appearances during his seven-year career.