- Pierre LeBrun, NHL
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In return, the Panthers get Tim Kennedy and a third-round 2011 draft choice.
The 35-year-old McCabe is in the final season of a five-year, $28.75 million contract, earning $4.15 million this season, although his cap hit for the year is $5.75 million. He'll be an unrestricted free agent July 1.
"Bryan McCabe adds an established veteran presence to our young defensive corps," Rangers general manager Glen Sather said in a statement. "He can help provide offense with his strong shot on the power play, and his versatility allows him to play either the left or right side effectively.
"Bryan also brings outstanding leadership qualities, having served as team captain for Florida for the past two seasons."
The Rangers have craved a power-play point man all season. McCabe has 22 points (five goals, 17 assists) in 48 games this season. Last season, he put up 43 points (8-35) in 82 games.
McCabe is joining his sixth NHL team. In 1,116 career NHL games with the New York Islanders, Vancouver, Chicago, Toronto and Florida, he's posted 143 goals and 379 assists.
To make room on the roster, the Rangers assigned defenseman Michael Del Zotto to Connecticut of the AHL.
Kennedy, 24, has 42 points (12-30) in 53 games with AHL Hartford this season.
Pierre LeBrun covers the NHL for ESPN.com. Information from The Associated Press was used in this report.