Check out the latest on the Islanders and Senators in today’s NHL Rumor Mill.

THE LATEST ISLANDERS SPECULATION

NEW YORK POST: Ethan Sears recently listed several factors that could play into the Islanders’ approach to the March 6 trade deadline.

Their current record suggests they’re more of a playoff contender than originally thought when the season began. They could also have over $12 million in usable salary-cap dollars if or when Alexander Romanov and Semyon Varlamov join Pierre Engvall on long-term injury reserve.

New York Islanders captain Anders Lee (NHL Images).

Meanwhile, veteran forwards Anders Lee and Jean-Gabriel Pageau are on expiring contracts, which could make them valuable trade chips if the Isles become sellers. However, it’s difficult to imagine general manager Mathieu Darche trading either player if his club continues playing the way it has.

Improving their defense corps should be the Islanders’ priority. They miss the sidelined Romanov on the left side, and they never fully replaced the departed Noah Dobson on the right. Sears considered Rasmus Andersson of the Calgary Flames as an obvious fit. Filip Hronek of the Vancouver Canucks could be another, but he’s reportedly not among the players the Canucks would consider moving.

The Isles could use another scorer and some physicality among their bottom-six forwards.

Following Kyle Palmieri’s season-ending knee injury, Sears suggested Darche shouldn’t make any hasty decisions that might sacrifice future first-round picks or top prospects to replace the sidelined winger or bolster their defense.

THE PROVINCE: Ben Kuzma reports Palmieri’s injury has put the Islanders among the rumored suitors for Canucks winger Kiefer Sherwood. The 30-year-old winger is enjoying a career-best performance thus far. Canucks management is wary that he’ll regress, but is also buoyed by the possibility that he’ll return a first-round pick, and possibly more, in the trade market.

SPECTOR’S NOTE: Kuzma observed that the Islanders may not wish to mortgage their future in pursuit of Sherwood, but he believes they’d have to at least part with a first-rounder to land the feisty winger. That would also apply to any other significant player (Andersson, Hronek) that they could be monitoring in the trade market.

UPDATE ON THE SENATORS

THE ATHLETIC’s Julian McKenzie cited a report by TSN’s Darren Dreger on Friday in which Dreger claimed that Ottawa Senators GM Steve Staios would like to add a forward or a defenseman to his roster. However, he doesn’t think that Staios is going to be “a big game hunter” in the trade market.

Dreger also dismissed the possibility of promising defenseman Carter Yakemchuk becoming a trade chip. “Not going to happen.”

SPECTOR’S NOTE: Staios wants to improve his roster, but not at the expense of his top prospect. Yakemchuk is projected to fill the role of a top-pairing, right-shot defenseman.

OTTAWA SUN: Bruce Garrioch reports league sources told him that there is “virtually no chance” that the Senators will find a trade partner for Alex Formenton’s rights. The 26-year-old winger is a restricted free agent, and the deadline for him to sign a new NHL contract is 5 pm ET on Dec. 1.

The Senators have tried to trade Formenton’s rights for months, seeking a draft pick in return. If he’s not traded and signed by Monday’s deadline, he’ll be ineligible to play in the NHL this season.