Report: Penguins Listening On Erik Karlsson, Kris Letang And 2 Forwards

Pittsburgh Penguins GM Kyle Dubas is listening on veterans including defensemen Erik Karlsson and Kris Letang and forwards Bryan Rust and Rickard Rakell, according to TSN’s Darren Dreger, who added that Pittsburgh is working with a “cash-strict budget, not just the NHL’s salary cap.”

Dreger said Thursday on Insider Trading that new ownership remains focused on getting younger, and that both the players and other teams know Dubas is open to deals.

He said Dubas is listening on players “like” those four, and nothing in the report says a trade is close.

The Four Players

Karlsson is a pending unrestricted free agent with a $10 million cap hit and a full no-movement clause, so he would have to approve any deal.

Letang is 39, has a $6.1 million cap hit through 2027-28, and has a no-movement clause with a 10-team approved trade list.

James Duthie: If [Pittsburgh] fall out of it, what happens? Darren Dreger: You could see a bigger sell-off by Kyle Dubas; listening on players like Kris Letang, Erik Karlsson, Bryan Rust, and Rickard Rakell; Dubas is open for business - Insider Trading (10/22)

— NHL Rumour Report (@NHLRumourReport) October 23, 2026

Rust carries a $5.125 million cap hit through 2027-28 with no trade protection, and Rakell is signed through 2027-28 at $5 million with an eight-team no-trade list.

TSN’s Pierre LeBrun had reported before Dreger that Dubas was open to offers on the same four players.

The Budget And The Standings

The Penguins are 5-6-1 after a 3-2 win over Nashville, and Karlsson leads the team with 12 points in 12 games.

Dubas said one team had called to ask if Pittsburgh would take a salary dump, adding that “there’s cap space and budget space, and they’re two different things.”

David Pagnotta on Hello Hockey about the Penguins: I don’t foresee an Erik Karlsson trade happening today, but if something falls into his lap, Kyle Dubas is going to listen and entertain that possibility. Maybe something later on in the season if they even go that route. - 10/24 #LetsGoPens #NHL

— R i N K Y (@RinkyReport) October 24, 2026

Elliotte Friedman reported earlier this month that Pittsburgh was willing to trade a veteran forward for picks and prospects to create room for younger players.

Dreger said the focus remains on getting younger, which makes the older players on expiring or short-term contracts the most likely to be discussed.