The clock is winding down on Artemi Panarin’s time with the Rangers, reaching an hour-by-hour countdown after the decision was made Wednesday to hold him out of the lineup until the Olympic break.
Panarin, who will finish his Blueshirts tenure as one of the greatest free agent signings of all time, appears to be using the leverage he has.
With final say on his destination due to his full no-move clause, there is belief that Panarin would prefer a trade that includes an extension with the club he lands with.
What that extension could look like would presumably vary depending on the organization signing it.
Most of the top contending teams aren’t in a position to extend him now, which could force Panarin to weigh future security with his desire to go to a team that can help him hoist his first-ever Stanley Cup.
At 34, the star Russian wing is naturally looking for a deal with term. He is said to believe he can play for several more years.
Amid minimal signs of Panarin slowing down, however, there appear to be multiple interested parties.
Panarin has been linked to at least six teams at one point or another this season, including all three California clubs. Considering he is the top impending free agent available, the widespread inquiries from contenders and bubble teams alike don’t come as a shock.
The friendship between Panarin and Panthers goalie Sergei Bobrovsky is well documented, which likely puts Florida at the top of his list. A lot would have to happen on the Panthers’ end to make that work.
Even if the Rangers retained up to 50 percent of Panarin’s $11.64 million cap hit, salary would have to be moved or a third team would have to be brought in to make the numbers fit.
Running with the California theory, San Jose and Los Angeles are probably the most appealing options to both Panarin and the Rangers. The Sharks turned a corner this season behind a young and exciting core, and they are projected to have plenty of cap space next season to handle an addition like Panarin.
Both the Sharks and the Kings have their 2026 first-round pick to offer. The two teams are also neck-and-neck in the Western Conference wild-card race.
San Jose has some enticing prospects and young players who the Rangers could pursue, especially at center.
The Rangers are going to be even thinner down the middle than they were at the start of the season if president and general manager Chris Drury decides to move Vincent Trocheck.
Targeting centermen should be a priority. The Sharks’ deep pool of options, such as Filip Bystedt (27th overall in 2022), Cole McKinney (53rd overall in 2025) and Braden Svoboda (71st overall in 2023), make them an enticing trade partner. Michael Misa (second overall in 2025) would be a top choice, but he is considered part of the core and is unlikely to be made available.
Left wing Igor Chernyshov, who the Sharks selected 33rd overall in 2024, is another notable option.
The Rangers are expected to follow the trade template that most high-scoring wingers have demanded as of late. Expecting a return that’s some combination of NHL-ready players, prospects and picks, Drury will also have to navigate which teams he’d have to retain salary on Panarin for.
Among teams that could fit his entire cap hit with minimal — or any — retention include the Ducks, the Hurricanes and the Red Wings.
Panarin could always go to a team as a rental and be the No. 1 available option on July 1. That might help the dynamic forward maximize his next deal.
Either way, Panarin’s days in Manhattan are numbered.
Teams looking to acquire Panarin presumably would want him to be on the ice, get settled and be ready to hit the ground running after the Olympic break.
All it comes down to is the right deal.