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The Latest on Three Big Trade Rumors Involving the Maple Leafs

Originally posted on NHL Trade Talk | Last updated Jul 17, 2025 11:27 AM ET

With the Mitch Marner era in Toronto officially over, general manager Brad Treliving is aggressively exploring the trade market in search of a new identity for the Maple Leafs. According to Nick Kypreos’ latest Trade Bait Board, three big names are worth watching—two on the Leafs’ blue line and one former fan-favorite potentially eyeing a return.

Latest on Morgan Rielly Trade Talk

Top-pairing defenceman Morgan Rielly remains a fixture on the trade board. Though Toronto’s blue line is stable, the club is in desperate need of forward depth, particularly after losing Marner. Rielly’s $7.5 million cap hit and five years of term make him a significant asset, though his full no-movement clause adds complexity. At 31, would he consider a fresh start if approached?

There has been some talk lately that the Leafs have been interested in Erik Karlsson, who is currently with the Pittsburgh Penguins. Would they see him as an upgrade offensively? Does the cap situation work and would Rielly have any interest in going to the Penguins?

Is Brandon Carlo Still a Trade Chip?

Another name in the mix is Brandon Carlo, a newer addition to the Leafs’ defense corps. While trading Carlo might seem premature after the team paid heavily to acquire him, he’s already drawing league-wide interest.

A right-shot defender logging nearly 20 minutes per game with strong penalty-kill presence, Carlo’s $3.485 million cap hit through 2026 makes him a cost-effective, desirable option. If the Leafs want to upgrade their top-six, Carlo could be the chip that makes it happen.

Anything to the Nazem Kadri Return Rumors?

Meanwhile, Nazem Kadri has emerged as a potential reunion candidate. The veteran centre, now in Calgary, has four years left on his deal at $7 million annually and a no-move clause that shifts to a modified version after 2025-26. Kadri, who tallied 67 points last season, has reportedly identified Montreal and Toronto as teams he’d waive for.

But landing him won’t be easy—Treliving’s past attempts to trade with Calgary have repeatedly hit roadblocks. The Flames will want a hefty return, and the Leafs may not have enough to entice GM Craig Conroy to bite. And, if Montreal is suddenly in the mix, any chance the Leafs could get Kadri and win the trade has gone way down.

Would Carlo to the Flames for Kadri be something that might start a conversation?

This article first appeared on NHL Trade Talk and was syndicated with permission.

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