Florida GM Jacques Martin will speak to the media at 6 p.m. EST.
McCabe, who already has moved to South Florida, is the key to the deal. McCabe was due a $2 million deferred signing bonus that was scheduled to be paid by the Maple Leafs on Labor Day. Once that payment was made, McCabe agreed to waive his no-trade clause and join the Panthers.
Van Ryn, 29, is coming off major surgery on his right wrist, an injury so severe it limited him to 20 games last season. Van Ryn has been slowed the past few seasons with various wrist injuries, although he has said he is completely recovered and ready to move on. Van Ryn spent the holiday weekend at his Davie home packing, preparing to make the move back to his native Canada.
Van Ryn said he'll be leaving for Toronto on Wednesday.
"Obviously it's hard to leave all my family and friends that I've made here over the years,'' Van Ryn said Tuesday afternoon. "But this is going to be a good situation for me. I'm going to Toronto, I know a lot of guys there like [Joe] Nieuwendyk and other guys I've grown up with. I'm leaving one home for another.
"Honestly, this isn't as bad a deal as it could have been. Toronto's an Original Six team with a whole lot of history. This is going to fun and I'm going to get a new opportunity there. But it is hard to leave. This is home. People have been good to me here.''
Like Van Ryn, McCabe, 33, was slowed by injuries last season. The 12-year veteran missed 28 games because of various injuries. McCabe missed six games early in the season because of a groin injury, then missed two months when he broke three bones in his left hand after being checked into the boards during a loss at Montreal.
McCabe -- who refused to waive his no-trade clause at last year's trade deadline -- returned Feb. 7 at Montreal and played in Toronto's final 27 games last season, scoring one goal and adding 10 assists in those games. McCabe had a total of five goals and 18 assists last season, his lowest offensive output since he recorded 24 points in 2002-03.
Last season snapped a run in which McCabe recorded at least 50 points in three consecutive seasons for the Leafs. His 54 games played were a career low.
The Panthers hope a change of scenery will be beneficial. In the summer of 2006, McCabe signed a five-year deal worth 29 million. He has three years left on his contract with a salary cap hit of $5.75 million. Florida will pay $4.15 million each of the next three seasons but its salary cap will still reflect the average of McCabe's total salary.
Not counting any other movement, the addition of McCabe and subtraction of Van Ryn leaves the Florida payroll at close to $53 million this season with a cap hit of approximately $55 million. The NHL's salary cap this season is $56.7 million.