If Heatley agrees to waive, it would appear the Sens and Oilers will have a deal, pending the official trade call with NHL central registry, but that is generally a formality.
Heatley informed the Senators in early June that despite having five-years remaining on a six-year contract extension that he recently signed that he wished to be moved. The contract calls for Heatley to make $7.5 million per season against the cap.
The veteran forward became unhappy with his role in Ottawa last season, especially after the Senators made a coaching change. Heatley discussed his concerns about what he felt was the limiting of his ice time, and his shift from the first power-play unit to the second unit with head coach Cory Clouston in the Senators end of season meetings.
The Senators have gone downhill since they appeared in the Stanley Cup Final in 2007.
In the 2007-08 season, the Senators had a hot-start, but then had a brutal second-half of the season and held on to seventh place in the Eastern Conference, only to get swept by the Pittsburgh Penguins.
This past season, the Senators never really got it going, and missed the playoffs.
Heatley notched 39 goals and 33 assists in 82 games last season. The 72 points were his lowest point totals in his four seasons with the Senators.
The 28 year-old, had back-to-back 50 goal seasons in 2005-06 and 2006-07.
The 26-year old Penner found himself in former Oilers' coach Craig MacTavish's dog house on more than one occasion during his two seasons in Edmonton.
Penner, who signed a five-year offer-sheet with the Oilers in 2007 has never really developed into the player that Edmonton hope. Last season, he recorded 17 goals and 20 assists in 78 games.
Penner has three-years remaining on his contract that will pay him $4,250,000 million per season.
Cogliano, who the Oilers drafted in the first round of the 2005 NHL Entry Draft has already played in two full NHL seasons.
In 2008-09, the 22-year old forward recorded 18 goals and 20 assists. He has one-year remaining on his three-year entry level contract that he signed in 2007.
The 23-year old Smid, has played three-seasons in the NHL. Last year, he recorded 11 assists in 60 games.
The 6'3" defensive man will give the Senators some size on the blueline.
Penner, along with Smid both have ties to Senators general manager Bryan Murray from his time with the Anaheim Ducks.