Rangers worked the phones late into the night in push to trade Artemi Panarin

The New York Rangers were actively working the phones from Tuesday night into Wednesday morning in an effort to trade Artemi Panarin. A league-wide transaction freeze goes into effect at 3 p.m. ET on Wednesday as the NHL pauses for the upcoming Olympic break.

According to TVA Sports’ Renaud Lavoie, the Rangers’ objective remains unchanged: move Panarin before the 3 p.m. deadline despite falling short during the night. Panarin has reportedly received confirmation from the organization that his contract will not be renewed in New York.

The Russian winger would prefer to be traded only to a team with which he has already agreed on the framework of a contract extension. The Florida Panthers have frequently surfaced in Panarin-related rumors, along with the Washington Capitals.

While the Rangers’ intention is clear, control of the situation rests almost entirely with Panarin and his camp. Teams are circling and conversations are ongoing, but Panarin has no interest in being a short-term rental.

At 34, he remains one of the NHL’s most dynamic offensive players. Still, his $11.6-million cap hit, full no-movement clause, and pending unrestricted free-agent status turn this into a delicate high-wire act. Any acquiring team must not only compensate the Rangers with significant assets, but also convince Panarin that this destination will be his next—and possibly final—long-term home.

That’s where the extension comes into play. Insider Chris Johnston has reported that at least one team has already put a $40-million offer on the table. Sportsnet’s Elliotte Friedman believes the real target number is closer to $50 million.

“I’ve heard at least one team has put $40 million on the table for Panarin, but it’s not until he signals to the Rangers that he’s found the right situation for himself that can go forward,” Johnston said Tuesday night on Insider Trading on TSN.

Panarin isn’t interested in uprooting his life in New York only to do it again months later. He wants to merge trade and free agency into one clean move.

Which means this isn’t just a hockey deal—it’s a financial and logistical puzzle. And with the Olympic roster freeze looming in just hours, the Rangers are pressing. Panarin? He may finally be on the move.

No trades can occur after 3pm ET today, and the NHL will undergo a roster freeze until February 22nd at 11:59pm ET.

Stay tuned.