Sergei Fedorov has signed a two-year deal with Metallurg Magnitogorsk, according to the Russian club.
At Metallurg, Fedorov will be reunited with his younger brother Fedor Fedorov, who signed a two-year deal with the club this year.
Fedorov's agent, Pat Brisson, told the team that Fedorov wished to fulfill his father's dream of seeing his sons play on the same team.
The deal is reportedly for two years at $3.8 million per season, according to Capitals Insider.
The 39-year-old center played a season and a quarter with the Caps, coming over in a February 2008 trade with the Columbus Blue Jackets.
The certain Hall-of-Famer will probably be remembered best by Capitals fans for his goal in Game Seven of the first round of the Stanley Cup playoffs this season, beating N.Y. Rangers goalie Henrik Lundqvist and snapping a 1-1 tie, allowing the Capitals to advance to the second round.
The six-time All-Star won three Stanley Cups with the Detroit Red Wings, and won the Hart Trophy in 1994.
His departure marks the second free agent to leave the team this offseason. Fellow Russian Viktor Kozlov signed a deal with Salavat Yulaev Ufa last month, according to ESPN.com.