Racine was not extended a qualifying offer Monday by the Lightning and will become an unrestricted free agent this offseason.
Racine and a 2017 sixth round draft pick were traded to Tampa Bay in exchange for Nikita Nesterov on Thursday.
The Panthers traded Racine to the Canadiens in exchange for Tim Bozon on Saturday.
The Panthers waived Racine on Saturday, Harvey Fialkov of the Miami Herald reports.
Racine re-signed with Florida on a one-year deal Saturday, TSN reports.
Jonathan Racine has been returned to the minors.
He made his NHL debut in Tuesday's loss to the New York Islanders.
Jonathan Racine was called up from the minors on Tuesday April 1.