McLeod won't be retained by Nashville in free agency, Adam Vingan of The Athletic reports.
McLeod has been a healthy scratch in 13 of 20 games -- and eight of the last nine -- since joining the Predators via trade in February.
The Rangers have sent McLeod back to the Predators in exchange for a 2020 seventh-round pick, Pierre LeBrun and Darren Dreger of TSN report.
McLeod dished out two hits in Tuesday's loss to the Flyers.
McLeod (hand) was activated from injured reserve and is expected to play Saturday versus the Predators, per the NHL's official media site.
McLeod (hand) is day-to-day with his injury, Brett Cyrgalis of the New York Post reports.
McLeod (hand) was designated for injured reserve Wednesday, per the NHL media site.
McLeod could be sidelined 4-6 weeks due to a fractured hand suffered Wednesday against the Islanders, Dan Rosen of NHL.com reports.
McLeod fractured his hand in Wednesday's win over the Islanders, the New York Rangers' official twitter reports.
McLeod (hand) left Wednesday's game and will not return.