Denis, who's in his ninth NHL season, has been a major disappointment since being acquired from the Columbus Blue Jackets in a June 2006 trade and signing a three-year, $8.6 million contract. He appeared in 10 games this season, going 1-5 with a 4.05 goals-against average and .859 save percentage.
If the 30-year-old clears waivers Saturday, the Lightning plan to reassign him to AHL Norfolk.
Denis entered the season as Johan Holmqvist's backup but dropped to third string when the Lightning recalled rookie Karri Ramo from Norfolk last week. Denis was a healthy scratch for the four games Tampa Bay has played since Ramos was promoted and named the starter.