Yzerman told players of the decision Tuesday afternoon after their informal skate, a source told the Athletic.
He will be replaced by assistant general manager Julien BriseBois.
Yzerman had served as the Lightning's GM since 2010. It seemed like business as usual Monday with Yzerman in Estero for the rookie tournament.
Before his time in Tampa, Yzerman worked as the Detroit Red Wings' vice-president and alternate governor. For a number of years, he has been considered a future National Hockey League general manager and takes over a team that should contend for years to come. He began his front office career as vice-president of hockey operations under GM Ken Holland in Detroit and was part of a Cup victor in 2008 before getting the head job with the Lightning. He has also held management roles with Hockey Canada. If Yzerman wants to come home right now, they would be out of their mind not to let Holland go and bring Yzerman on board to get the team back on the right track. Yzerman is expected to stay with the club in a senior advisory role.
Among the major personnel moves under Yzerman's tenure included the trade of franchise talisman Martin St-Louis to the New York Rangers in 2014 and the re-signing of Steven Stamkos to an eight-year, $68 million deal in 2016. I suspect that Yzerman plays out his contract with Tampa as an advisor, Holland steps down in Detroit next offseason, therefor clearing the path for Yzerman to take over.