The New York Rangers have traded winger Artemi Panarin to the Los Angeles Kings in exchange for a conditional third-round pick and prospect Liam Greentree.
TSN Hockey Insider Chris Johnston confirms that Panarin is signing a two-year contract extension with Los Angeles with an AAV of $11 million.
The Rangers are retaining 50 per cent of Panarin’s salary in the deal.
Confirming as @emilymkaplan first reported, Artemi Panarin to the Los Angeles Kings for Liam Greentree and a conditional third round pick https://t.co/sX32x9faJQ
— Pierre LeBrun (@PierreVLeBrun) February 4, 2026
Johnston adds that the conditions on the third-round pick are if the Kings win a playoff round this year, it becomes a second-round selection. And if Los Angeles wins two playoff rounds this season, the Rangers also receive a 2028 fourth-round pick.
Coniditions on the 3rd-round pick heading to #NYR in the Artemi Panarin trade:
— Chris Johnston (@reporterchris) February 4, 2026
If the #LAKings win a playoff round this year, it becomes a 2nd-rounder
If the #LAKings win two playoff rounds this year, they also receive a 2028 4th-round pick
The move comes one week after the Rangers first decided to begin holding Panarin out of their lineup for roster management until a trade could be reached. It also comes just ahead of the NHL’s 3 p.m. E.T. Olympic roster freeze.
Panarin is in the final year of a seven-year, $81.5 million deal he signed in 2019 that includes a full no-move clause and carries an $11.64 million cap hit.
It was previously reported that the Russian winger was looking for a four-year extension at a cap hit of roughly $11 million in order to waive his no-move clause for a trade.
Panarin, 34, has 19 goals and still leads the Rangers with 57 points in 52 games this season, sitting second among forwards in average ice time at 20:54 per game.
He has led the Rangers in each of the past six seasons, posting a career-high 49 goals and 120 points in 2023-24.
“Obviously he’s one of the best Rangers of his generation, and he’s not an easy guy to replace,” Rangers head coach Mike Sullivan said of playing without Panarin last week. “It forces all of us to look in the mirror and try to figure out how we can all do a better job.”
Trading Panarin comes weeks after general manager Chris Drury penned a letter to fans that indicated that the team would be focusing on a “retool” as a new direction for the franchise.
The Rangers traded defenceman Carson Soucy to the Islanders in the first trade since the letter in January.
New York has lost three straight games are just 2-8-0 in their past 10, sitting last in the Eastern Conference and third last in the league. The Rangers are set to miss the playoffs again this year after winning the Presidents’ Trophy in 2024.
