According to TSN's Darren Dreger, the Columbus Blue Jackets are working on a trade of Rick Nash to the New York Rangers.
Aaron Portzline of the Columbus Dispatch also reported the trade is happening.
Multiple players are involved in the trade, according to Dreger, and contracts are being reviewed before the trade call is made.
According to Dreger, the Rangers have traded Brandon Dubinsky, Tim Erixon, Artem Anisimov and a first-round pick for Nash.
Nash, who has been on the trading block since February, has been rumored to be going to the Rangers for several months. The Rangers are one of the six teams that Nash reportedly told Columbus GM Scott Howson that he would be willing to waive his no-trade clause to facilitate a trade.
Nash, 28, has 547 points in 674 NHL regular-season games. He was the No. 1 pick in the 2002 Draft and became the Columbus captain in 2008.
He holds the franchise records for goals, assists and games played.
One of the League's top power forwards, Nash has competed in two Olympic games, winning a gold medal in 2010. He has also competed in four World Championships, winning three medals, including a gold in 2007.
Nash has six years remaining on a contract he signed with the Jackets in 2010 worth an average annual value of $7.8 million.
Nail Yakupov, the first player chosen in last month's NHL Draft, has signed a three-year, entry level contract. No financial terms were disclosed.
"We're very happy to sign Nail to a three-year contract," Edmonton general manager Steve Tambellini told the team's website Monday. "He's an extremely talented and passionate young man who we feel will be an integral part of our team for many years to come."
Yakupov became the first Russian-born player selected No. 1 at the NHL Draft since Alex Ovechkin went to the Washington Capitals in 2004 when Tambellini announced him as the team's top choice at Consol Energy Center in Pittsburgh on June 22.
"Edmonton is a great city and crazy town for hockey … it's a hockey town and I play hockey and I just want to play my best hockey," Yakupov said after being selected.
The 2012 Draft marked the third straight year that the Oilers owned the No. 1 selection -- Tambellini chose left wing Taylor Hall in 2010 and center Ryan Nugent-Hopkins in 2011. Yakupov, who played for the Sarnia Sting of the Ontario Hockey League, entered the 2012 Draft as NHL Central Scouting's No. 1 overall North American skater.
Does Yakupov feel he's ready for the NHL as an 18-year-old?
"Why not?" Yakupov asked his questioner. "I think I'm ready for NHL. I want to try. I have whole summer to train and work with Edmonton. This is a great team, a young team, and they play good hockey. It'll be good playing with those players."
Yakupov played in 42 games for the Sting last year, producing 31 goals and 69 points He also had a plus-15 rating and 12 power-play goals. Despite being sidelined on four occasions due to a back injury, knee injury, suspension and upper body ailment, he proved capable of handling any adversity.
"I just want to just work and show how I can play hockey and help my team to win every game … that's what I want," Yakupov said.