Ryan Callahan on the Chopping Block

Kevin Hoffman/USA Today

The New York Rangers are running out of time to re-sign Captain Cally before the March 5, 2014 NHL trade deadline. GM Glen Sather is looking to trade his 28 year old captain before time runs out.

The right winger has 20 points in 37 games played this season and is about to become an unrestricted free agent. His current contract has an annual cap hit of $4.28 million. The Rangers are prepared to offer him a 3-4 year deal at $6 million a season. Callahan is demanding a 7 year deal at $6 million a season.

The two sides are far apart. Callahan knows he can get the contract he wants if he tests free agency. Sather's hands are tied because Rick Nash and Henrik Lundqvist are huge cap hit contracts and there is not enough cap space left to sign Cally. Also, the Rangers must re-sign defenseman Daniel Girardi.

The New York Rangers want a first round draft pick or a cheap contract roster player in return for their captain. Look for the New Jersey Devils, New York Islanders, Buffalo Sabres and Calgary Flames to make a trade for Ryan Callahan.