The team made the announcement Friday night.
In exchange, the Flyers acquire a second round draft pick in 2015 and a conditional draft pick in 2016, according to general manager Ron Hextall.
"If he wouldn't have been amicable to being traded, we wouldn't have traded him. He meant too much to this organization." Hextall said via a tweet from the Flyers.
"If he wouldn’t have been amicable to being traded, we wouldn’t have traded him. He meant too much to this organization." -Ron Hextall— Philadelphia Flyers (@NHLFlyers) February 28, 2015
Timonen responded himself tweeting, "I want to thank the Flyers organization as well as the great flyers fans for their support over the last 8 years. It's been a great ride"
I want to thank the Flyers organization as well as the great flyers fans for their support over the last 8 years. It's been a great ride!— Kime4kids (@kime4kids) February 28, 2015
Timonen, 39, was diagnosed with blood clots last summer and has missed the entire season due to the condition, but was recently cleared to play.
The 2013-14 season was Timonen's seventh with the Flyers, over which time he recorded 38 goals and 232 assists for 270 points in 519 games.
Timonen was acquired by the Flyers from Nashville, along with Scott Hartnell, on June 18, 2007 in exchange for Nashville's own first-round pick in the 2007 NHL Entry Draft.
He has played 1,092 NHL games over 15 NHL seasons, recording a total of 117 goals and 454 assists for 571 points.
He has also appeared in five Winter Olympics for Team Finland, winning a silver medal in 2006 and bronze medals in 1998, 2010 and 2014.