Sanguinetti, a native of New Jersey and a Ranger fan, seemed to be the future star blueliner for the Rangers, but has since fallen down the depth chart in favor of prospects with more upside.
In his first season with the Hartford Wolfpack of the AHL, Sanguinetti totaled 42 points (6g, 36a) in 78 games.
Sanguinetti saw his stock drop with the emergence of defenseman Dan Girardi and 2008 first-round pick Michael Del Zotto, along with the free-agent signing of Matt Gilroy, another offensive defenseman. The Rangers also acquired top prospect Ryan McDonagh last summer in the trade that sent Scott Gomez to the Montreal Canadiens.
Carolina general manager Jim Rutherford has already said that there is a good chance Sanguinetti will make the team out of camp.
Update: In exchange for Sanguinetti, the Rangers received a sixth-round pick in 2010, and a second-round pick in 2011.