Report: Phaneuf drawing trade interest

Dion Phaneuf's name is reportedly popping up in discussions about potential deals.

There is trade interest in the Ottawa Senators defenseman, but the club would likely have to take a contract or cash in return, according to TSN's Darren Dreger.

Phaneuf has four years remaining at an annual cap hit of $7 million. The 32-year-old also has a modified no-movement clause, which allows him to provide a list of 12 teams to which he'll accept a trade.

The Senators reportedly asked Phaneuf to waive the clause earlier this week in anticipation of the upcoming expansion draft, but the veteran was apparently unwilling to do so.

Phaneuf ranked third on the club in ice time this past season, averaging over 23 minutes in both the regular season and the playoffs.