Rangers' Artemi Panarin Targeting Massive Deal Amid Trade Talks

Artemi Panarin is not playing hockey right now. The Rangers are holding their leading scorer out for roster management purposes, protecting their most valuable trade chip from injury as the Olympic break and trade deadline approach.

Everyone around the league knows where this is headed. The question is not if Panarin gets moved, but when and for how much. The 34-year-old winger leads New York with 57 points in 52 games despite the Rangers sitting dead last in the Eastern Conference.

Multiple teams are circling, but they are discovering that acquiring Panarin comes with a significant financial commitment beyond the trade itself. NHL insider Elliotte Friedman shed light on the complex negotiations during his 32 Thoughts Podcast, revealing details about what Panarin and his camp are seeking.

"That's the big one. Artemi Panarin. The big fish we're all kind of looking at here as we inch forward to, if it's not the Olympic break, then the trade deadline," Friedman said.

Agent Driving the Process

Panarin holds a full no-movement clause in his current deal, giving him complete control over any potential destination. But the real power broker in these discussions appears to be agent Paul Theophanis, who is making it clear his client will not accept a rental situation.

"The agent, Paul Theophanis, is driving a lot of this bus because it's been made pretty clear that he wants this to happen with an extension," Friedman explained. "He doesn't want to go twice. He only wants to go once."

That demand significantly narrows the field of potential suitors. Teams must not only meet the Rangers' asking price in terms of prospects and picks, but also commit to a long-term extension before Panarin waives his no-move clause.

The $50 Million Target

Friedman revealed he has been hearing conflicting reports from various sources about specific contract demands, to the point where he wondered if teams were being fed different information intentionally.

"The number I was hearing, and a few teams backed me up on this, was $50 million," he said.

The insider continued, "That was what Panarin was hoping to get to, and teams could break it down however they did." The structure remains flexible. Teams could offer four years at $12.5 million annually or stretch it to five years at $10 million per season.

Jan 23, 2026; San Jose, California, USA; New York Rangers left wing Artemi Panarin (10) looks to pass the puck during the third period against the San Jose Sharks at SAP Center at San Jose. Mandatory Credit: Stan Szeto-Imagn Images | Stan Szeto-Imagn Images

The target appears to be reaching that $50 million total value rather than insisting on a specific term or average annual value.

"That was, I think, the target," Friedman continued. "Now obviously it doesn't mean that's going to happen; some teams are just going to say we can't go there, and this is what we can do."

Theophanis has a reputation for securing premium contracts for his clients, and Friedman noted this represents one of the final major deals the veteran agent will negotiate before likely winding down his career.

The trade deadline arrives March 6, giving teams just over five weeks to decide if they are willing to meet both the Rangers' trade demands and Panarin's contract expectations. With nine teams reportedly expressing interest, someone will eventually pay the price for one of the deadline's most accomplished forwards.

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