The New York Rangers have reportedly decided not to offer star forward Artemi Panarin a contract extension and are actively exploring trade options. With Panarin's contract expiring at the end of the season and the Rangers seemingly heading towards a retooling phase, the team is looking to maximize the return they can get for the dynamic winger.

According to reports, Rangers' President and General Manager Chris Drury met with Panarin to inform him of the decision and assured him that the organization would work with him and his agent to find a suitable trade destination. Panarin holds a full no-move clause, giving him significant control over where he could potentially land. Despite this, a team insider stated Panarin is "OK with whatever happens".

Several factors contribute to the complexity of a potential Panarin trade. His no-move clause limits the number of teams that can acquire him, as he must approve any trade. Additionally, the new playoff salary cap rule, which requires teams to be cap-compliant during the postseason, makes it challenging for many contenders to fit Panarin's $11.643 million annual average value (AAV) under the cap. Salary retention by the Rangers and possibly even involvement of a third team to further reduce the cap hit might be necessary to facilitate a deal.

Despite these challenges, there's expected to be significant interest in Panarin from teams looking to add a top-tier offensive talent. Since joining the Rangers six and a half seasons ago, Panarin has been one of the league's highest scorers, and is just a year and a half removed from a 120-point season.

The Rangers' willingness to trade Panarin signals a shift in the team's direction. After informing the team of an impending "retool," the Rangers are expected to explore moving other pending unrestricted free agents, such as Vincent Trocheck and Carson Soucy. The organization hopes to have a decision made on the team's direction before the Olympic break.