The rest of his $2.5 million contract will be split between the Rangers and Leafs. Bell, who played in the AHL with the Toronto Marlies this season, will be an unrestricted free agent this summer.
The 28-year-old player arrived in Toronto from San Jose as part of the Vesa Toskala trade at the NHL draft in 2007. He was suspended 15 games by the league after pleading no contest to drunk driving and hit-and-run charges in California in 2007.
In 445 career games with Chicago, San Jose and Toronto, he has 87 goals and 182 points.
The Maple Leafs host the Rangers on Wednesday night. Coach John Tortorella will make his debut, replacing fired coach Tom Renney.