NHL Rumors: Hottest Trade Buzz Surrounding Phil Kessel, Ryan O'Reilly and More

With the NHL All-Star Game in the rearview mirror and the trade deadline just one month away, the rumor mill has inevitably shifted into hyperdrive.

There is no question that trade talk will heat up even more in the coming weeks, but teams are most definitely looking ahead already. Bigger trades are often completed during the month leading up to the deadline, which means a huge deal could be consummated at any moment.

With a small group of teams looking to sell and an even bigger contingent planning to buy in hopes of pursuing a Stanley Cup, here is a look at the most intriguing trade rumors currently making the rounds.

Maple Leafs Shopping Phil Kessel and Dion Phaneuf

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It looked as though the Toronto Maple Leafs were in line to contend for a playoff spot after a solid start to the season, but they are in the midst of a massive free fall that has seen them plummet to 12th place in the Eastern Conference.

As the Leafs continually struggle to find a winning formula, the possibility has emerged that they could move one or more big-ticket players. According to Kevin McGran of The Star, Toronto is "quietly shopping" both forward Phil Kessel and defenseman Dion Phaneuf.

While it can be argued that Kessel and Phaneuf are the Leafs' two best players, they are their two most expensive assets as well. Per NHLNumbers.com, Kessel has an annual cap hit of $8 million through 2021-22, while Phaneuf's cap hit is $7 million through 2020-21.

That is a lengthy and steep financial commitment for two players on a 23-man roster, so the Leafs may need to make some big moves in order to improve elsewhere.

Although it remains to be seen what type of interest there is in Kessel, Nick Kypreos of Sportsnet reports that as many as two or three Western Conference teams are intrigued by the possibility of acquiring Phaneuf.

In addition to being the Maple Leafs' captain, Phaneuf has long been a solid point producer from the blueline. He has topped 40 points in a season on five occasions, and he has a chance to do so again this year with 22 points through 48 games.

Kessel is once again pacing Toronto in terms of points, as the All-Star selection has 45 on the year. With 20 goals, he is well on pace for the sixth 30-goal season of his career.

There is some risk involved with trading for either Kessel or Phaneuf due to their contracts, but if the Leafs are serious about moving them, they should be able to get it done and receive a solid return due to their production.

Ryan O'Reilly Possibly on the Move

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Center Ryan O'Reilly has seemingly been on the trade block every season since his initial breakout campaign in 2011-12, but he may be closer to getting dealt than ever before.

The 23-year-old pivot is set to become an unrestricted free agent at the conclusion of the 2015-16 season, so dealing him prior to this year's deadline may be the Colorado Avalanche's best option in terms of bringing back an ideal return.

According to Kypreos, the Buffalo Sabres and the Maple Leafs are two teams in particular that are showing interest in acquiring O'Reilly:

Per Sportsnet 590 The Fan on Twitter, Elliotte Friedman of Hockey Night in Canada is hearing that the Avalanche want defensemen who are under contract in exchange for O'Reilly:

Both the Sabres and the Leafs could oblige as Buffalo has Tyler Myers, while Toronto has the likes of Phaneuf and Jake Gardiner.

O'Reilly had a career year last season when he put up personal bests of 28 goals and 64 points. He is also widely regarded as one of the best two-way forwards in the game, which is why Colorado cannot afford to lose such a young and talented player without getting something in return.

As good as O'Reilly has become in recent years, he still hasn't reached his prime, which means he likely hasn't scratched the surface of his true potential. If that is the case, then it makes all the sense in the world for struggling teams like Buffalo and Toronto to pursue him.

O'Reilly has remained in Colorado seemingly against all odds over the past few seasons, but it may finally be time for the Avalanche to move on.

Chris Stewart Generating Interest

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With the Sabres currently in last place in the NHL and in control of the Connor McDavid sweepstakes, it stands to reason that they will soon start selling off their assets. Perhaps the most valuable trade chip in their possession is forward Chris Stewart.

The 27-year-old winger is a true power forward at 6'2" and 231 pounds, and he has shown flashes of being a brilliant goal scorer in the past. He netted 28 goals as a member of the Avalanche in 2009-10, and there is no doubt that he is brimming with ability.

He hasn't been able to regain that form, but he promises to be a popular trade target since he hits free agency at the end of the season. Stewart is an ideal rental, which may be why teams like the Nashville Predators and the Calgary Flames are interested in him, according to Friedman (h/t Evan Peaslee of Sportsnet).

Stewart's numbers are modest as he has nine goals and nine assists, but he is tied for the team lead with four power-play markers, and he is really starting to come on as of late.

He netted a pair of goals against the Vancouver Canucks Friday, which means his value is climbing. Because of that, Andy Strickland of Big 550 KTRS expects him to be moved in the near future:

Stewart won't command a huge return, but he may be worth a second-round pick due solely to his raw skills. Someone will roll the dice on Stewart, and the Sabres will likely be happy to oblige rather than losing him for nothing.

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