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Penguins 'Actively Exploring' Market on $92 Million Veteran

Originally posted on Athlon Sports | By Antonio Losada | Last updated Jun 20, 2025 12:22 PM ET

The Pittsburgh Penguins have made clear that veteran defenseman Erik Karlsson is not off-limits in trade discussions.

According to a report from The Fourth Period, general manager Kyle Dubas is actively exploring the market for the 35-year-old defenseman amid Pittsburgh's roster retooling under new head coach Dan Muse.

"Penguins GM Kyle Dubas has been actively exploring the market on defenceman Erik Karlsson, who comes with a $10 million cap hit and has two years left on his contract," The Fourth Period noted.

Karlsson’s $10 million cap hit and full no-movement clause, however, could complicate the situation and any potential trade.

Penguins taking calls on several players https://t.co/4ETa5bAcAB
— The Fourth Period (@TFP) June 19, 2025

To address any potential hurdles, the report suggests that Pittsburgh may be willing to retain a portion of Karlsson's salary to facilitate a deal. On top of that, Karlsson is reportedly open to waiving the clause for the right destination, supposedly a contending team.

"Karlsson owns a full no-movement clause, but is willing to waive it for the right contending team, and the Penguins may be willing to retain a portion of his salary to help facilitate a trade," the report says. "The club has all three retention slots available for this upcoming season."

Karlsson, who logged 53 points across a full 82-game season last year, is entering the final two seasons of his eight-year, $92 million contract.

According to the same report, the Penguins are also fielding calls on veteran forwards Rickard Rakell and Bryan Rust.

NHL insider Pierre LeBrun appeared on TSN's "OverDrive" on June 12 to report that Pittsburgh's front office is open to change.

“They’re listening [to trade offers] on everyone that aren’t legacy guys,” LeBrun said. “You know, they’re not gonna move Malkin or Crosby.”

This article first appeared on Athlon Sports and was syndicated with permission.

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