The Kings are expected to sign LW Michael Cammalleri to a one-year, $1 million deal, according to TSN's Bob McKenzie.
The Devils had placed Cammalleri and RW Devante Smith-Pelly on unconditional waivers, for the purpose of buying out their contracts, the team announced Friday.
Cammalleri, 35, was due to make $5 million each of the next two seasons, before being eligible for unrestricted free agency.
He had 10 goals and 21 assists in 61 games last season.
Smith-Pelly, 25, was due to make $1.35 million next season, before being eligible for restricted free agency.
He had four goals and five assists in 53 games last season.