The Washington Capitals are reportedly front-runners for one of the top prizes on the trade market ahead of the NHL’s March 6 deadline.
According to The Athletic’s Vince Mercogliano, the Capitals and Colorado Avalanche are believed to be at the head of the pack of teams engaging in trade talks with the New York Rangers for star forward Artemi Panarin.
The report comes after Capitals general manager Chris Patrick identified a “higher-end, skilled winger” as the team’s biggest need, and Sportsnet’s Elliotte Friedman floated the Caps as a potential Panarin trade suitor.
Artemi Panarin declined to go into specifics about what comes next, but two front-runners we believe have engaged in trade talks are COL and WAS. DAL and CAR are among others to watch, with FLA an appealing destination but cap an issue.
More here #NYR 👇🏼https://t.co/ZsQCyySOXv
— Vince Z. Mercogliano (@vzmercogliano) January 20, 2026
Panarin, 34, is expected to be traded off as part of New York’s upcoming “retool,” which was announced by GM Chris Drury last week. As part of that process, Drury reportedly informed Panarin that the team would not be seeking extension talks with him and instead would work with him to try to find a trade partner.
The Russian winger holds a full no-movement clause in his contract, so he will have complete control over where he ends up ahead of the deadline. Panarin could significantly limit what the Rangers can net in any trade for him if he narrows his acceptable list of teams, which is likely why Drury came to the table early with him and his agent, Paul Theofanous.
“I’m still confused, but the GM decided to go in a different direction,” Panarin told Mercogliano last weekend. “I’m okay with that. I’m a Ranger player right now, so I’ll play every game 100 percent.”
Panarin, who has 56 points (19g, 37a) in 50 games this season, fits the exact profile Patrick described the Capitals as needing. Mercogliano also mentioned that he has spoken to sources who believe a contract extension could be baked into a trade, which could further attract the Caps as a team that may be wary of acquiring solely a rental player.
According to PuckPedia, Panarin’s current cap hit is just over $11.6 million, and the Capitals only have $6.1 million available. However, with cap accruing, the Caps are set to have $12.4 million in space at the deadline. The Rangers could also be asked to retain money on the final year of Panarin’s contract.
The other consideration for the Capitals would be the price they would need to pay to acquire Panarin. Patrick recently warned that the club will still be unwilling to part with some of their top, most-coveted prospects. His declaration likely makes names like Ryan Leonard, Cole Hutson, Ilya Protas, and Andrew Cristall unavailable in a trade with the Rangers.
With their third loss in a row on Monday night in Denver, the Capitals have sunk to 13th in the Eastern Conference in points percentage. The club may need to make their move sooner rather than later if they don’t want to miss the playoffs in what could be franchise legend Alex Ovechkin’s final NHL season.
The Rangers are one of the lone teams that have already planted their flags as sellers ahead of the league’s Olympic break, which could make Panarin even more enticing to Patrick and his staff.