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Big rumors of a potential trade involving Senators defenseman Dion Phaneuf.

Rumors of potential player for player deal.

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The Ottawa Senators were hopeful that veteran defenseman Dion Phaneuf would waive his no-trade clause for the National Hockey League's expansion draft, but he refused. 

Then the Senators were hopeful that they could pull off a trade involving Dion Phaneuf at the NHL Entry Draft, however they also came up short of that objective, but Phaneuf may be moved yet.

In a recent report, Sportsnet insider Elliotte Friedman revealed that Ottawa Senators general manager Pierre Dorion and newly appointed Los Angeles Kigns general manager Rob Blake have had talks about a potential player for player deal.

From Friedman(emphasis our own):

Ottawa GM Pierre Dorion had a lengthy conversation with Los Angeles compatriot Rob Blake during the later rounds of the draft. There is one move that could make sense for both sides: Dustin Brown for Dion Phaneuf. Both have the same cash remaining — $25.5 million. Brown’s AAV is lower ($5.875 million to Phaneuf’s $7 million), but he has five years left on his contract to Phaneuf’s four. The Senator defenceman can go to Los Angeles, but I’m not sure if Brown’s list allows him to go to the Canadian capital.

Should Brown's list in fact be the issue, the Kings could always ask him if he would be willing to waive for the Senators, although how Brown would handle such a request is anyone's guess at this point. This could certainly end up being a big deal for both sides.