Tallinder spent the last three years with the Devils after spending parts of eight seasons with the Sabres. He entered the NHL as a second-round pick of the Sabres in 1997.
Tallinder, 34, played in just 25 games last year, posting one goal and three assists. He was a stalwart on the back end during Buffalo's playoff runs in 2006 and 2007 and became an on-ice mentor to Tyler Myers in 2009. Myers, 23, has struggled without Tallinder as a defense partner.
Boychuk was a seventh-round pick of Buffalo in 2010.
The Sabres have focused on defense in recent days, re-signing Alexander Sulzer and drafting two defenseman in the first round.