The Artemi Panarin trade saga is heating up-and it’s shaping up to be one of the most complex storylines of this NHL season. The New York Rangers are actively working to move the star winger, but this isn’t your typical trade-deadline maneuver. This is part trade, part free agency, and all about leverage.
Let’s start with the basics: Panarin has a full no-move clause, and he’s not waiving it unless a few key conditions are met. Chief among them?
A contract extension with his new team-and not just any extension. According to multiple sources, Panarin is targeting a massive number: $50 million.
Yep, that’s the ballpark. Whether it’s structured as four years at $12.5 million or five years at $10 million per, the ask is clear. At 34 years old, Panarin is looking to cash in one more time-and he’s not shy about swinging for the fences.
Now, that doesn’t mean he’s guaranteed to get it. There are always variables-team fit, cap space, organizational priorities.
But make no mistake: this is a player and agent tandem aiming to hit a contract home run. Panarin’s representative, Paul Theofanous, is heavily involved in steering the process, and the Rangers are working closely with him to find a destination that checks all the boxes for their star forward.
And that’s no small task. Not only does the acquiring team have to pony up significant assets, but they also have to be willing-and able-to meet Panarin’s contract demands. That narrows the field considerably.
The Rangers, meanwhile, are in a tough spot. Earlier this season, they reportedly offered Panarin a more team-friendly extension, which he turned down.
Then, after the team’s season began to spiral, the front office informed him in mid-January that no further extension would be coming. Instead, they’d look to move him.
The decision reportedly caught Panarin off guard. After all, he’s led the Rangers in scoring every year since arriving in 2019 on a seven-year, $81.5 million deal.
He’s been the offensive engine of this team for six seasons. That’s not a guy you replace easily-on the ice or in the locker room.
Earlier this week, the Rangers scratched Panarin for what they called “roster management purposes.” Translation: they’re actively working on a trade.
And with the NHL’s roster freeze set to begin on February 4 (lasting through the Winter Olympics), the clock is ticking. If a deal doesn’t happen by then, the next window opens from February 22 to March 6-right up against the trade deadline.
So where could Panarin land?
According to league sources, there are about 15 teams with varying degrees of interest. But only a few are seriously exploring the possibility of an extension-which, again, is a key part of the equation.
The Washington Capitals are one such team. If they’re in, it’s with an extension in hand. That makes them a legitimate contender-assuming Panarin is open to heading to D.C.
Then there’s the Florida Panthers, a team Panarin reportedly “really wants to go” to. But that’s where things get tricky.
Florida’s cap situation is tight, and they’re light on draft capital and prospects. More importantly, their GM, Bill Zito, doesn’t appear eager to meet Panarin’s $50 million target.
So unless something changes, that’s likely a long shot.
The Colorado Avalanche are interested, but only if Panarin comes as a rental. No extension talk-at least not yet.
The Anaheim Ducks, on the other hand, are open to bringing him in short-term and figuring out the extension later. That’s a potentially flexible approach that could work if Panarin is willing to bet on himself.
Other teams reportedly in the mix include the Dallas Stars, Los Angeles Kings, San Jose Sharks, Seattle Kraken, Carolina Hurricanes, Detroit Red Wings, Minnesota Wild, Utah Mammoth, New York Islanders, Vegas Golden Knights, and Philadelphia Flyers. Some are kicking the tires.
Others are more serious. But without knowing which teams Panarin is actually willing to waive his no-move clause for, it’s hard to say who’s truly in the race.
This isn’t a deal that’s going to happen overnight. It could, of course, but the more likely scenario is that this takes time.
The Rangers need to figure out which teams are legitimate landing spots. Panarin needs to decide what matters most-money, fit, location, or a combination of all three.
It’s a high-stakes chess match, and every piece matters. For the Rangers, it’s about maximizing return while respecting a player who’s been central to their identity for years. For Panarin, it’s about securing one last big payday and landing in a place where he can contend and contribute.
And for the rest of us? It’s about watching one of the league’s most skilled forwards navigate a rare kind of midseason power play. Buckle up-this one’s far from over.