The 37-year-old center, who played his entire 15-season NHL career with the Wild, will become an unrestricted free agent Oct. 9.
Koivu was selected by Minnesota with the No. 6 pick in the 2001 NHL Draft and has been captain of the Wild since 2009-10.
He is the Wild leader in games (1,028), points (709) and assists (504), and his 205 goals are second to Marian Gaborik (219). Koivu scored 28 points (11 goals, 17 assists) in 59 Stanley Cup Playoff games.
"His hard work, dedication and team-first mentality will be extremely difficult to replace in our lineup," Minnesota general manager Bill Guerin said Friday. "Off the ice, Mikko's impact in the State of Hockey was immeasurable as he went out of his way to make a positive impact on so many people in our community, including his charitable contributions to Children's Minnesota (health care organization).
"We thank Mikko for everything he has done for our organization and wish him and his family the best in the future."
Koivu scored 21 points (four goals, 17 assists) in 55 games this season, his fewest in a season since he scored 21 (six goals, 15 assists) in 64 games as a rookie in 2005-06.
The Wild traded for two centers in the past week. They acquired Nick Bjugstad from the Pittsburgh Penguins for a conditional pick in the 2021 NHL Draft on Sept. 11, and acquired Marcus Johansson from the Buffalo Sabres for center Eric Staal on Wednesday.
Minnesota also signed defenseman Jonas Brodin to a seven-year, $42 million contract extension (average annual value $6 million) on Tuesday that begins in 2021-22.
"Mikko was a good teammate to me," Staal said. "Obviously he had a phenomenal career, especially here in Minnesota. Been an integral part of [the Wild] organization for a long time and had a great career. I wish him the best in whatever he decides to do with his future."
The Wild (35-27-7, .558 points percentage) were the No. 10 seed in the Western Conference for the Stanley Cup Qualifiers and lost in four games to the Vancouver Canucks in the best-of-5 series. Koivu did not have a point in the series.
Koivu told the Wild website last month he wasn't going to rush into any decisions regarding his future. He said he would discuss things with his family, including his older brother, Saku Koivu, who played his first 13 NHL seasons with the Montreal Canadiens before they opted not to re-sign him when his contract expired in 2009. He then played five seasons with the Anaheim Ducks and retired in 2014.
"He's been through it," Mikko Koivu said. "There's going to be some help from them and they know me as well. But then at the end, you have to make the decision on your own and how you feel, but for sure the people that are close to you, the impact that they have, it's going to be big to have that support and trying to [make] the decision as good as you can for the future."
Koivu was named the first full-time captain of the Wild on Oct. 20, 2009, after Minnesota rotated the captaincy during its first nine seasons. He became the first player to skate in 1,000 regular-season games with them on Dec. 1, 2019.
NHL.com staff writer Mike Zeisberger contributed to this report
