Breaking: Huge trade rumors involving Dion Phaneuf after refusing to waive for expansion draft.

The Ottawa Senators approached Dion Phaneuf to see if he was willing to waive his no-movement clause for the expansion draft and he said no. Now the Senators appear to be looking for a different solution.

According to TSN insider Pierre LeBrun, the Ottawa Senators are currently looking at the possibility of moving Phaneuf in a trade before Saturday's trade freeze. 

Phaneuf has been asked to submit an update 12-team trade list as per the conditions of his contract, and it is believed that Phaneuf has in fact done so, meaning that the Senators can only negotiate a trade with the 12 teams on that list.

[pub]

No word yet as to the identity of any of those teams. More to come on this story.