With the trade deadline around the corner, the Senators may not be able to manifest a trade involving Spezza, upon which trade discussions would carry out into the off-season, where a deal could be consummated around the NHL Draft in late-June.
Spezza owns a full no-trade clause and has two years, including the balance of this season, and $11 million in salary (with an average cap-hit of $7 million per season) left on his current contract.
While Spezza leads the Senators in scoring this season, he's been supplanted as Ottawa's most used centerman by Kyle Turris - who has emerged as a bonafide top-line player this season. In addition to Turris, the further development and surprising effectiveness of young players like Mika Zibanejad and Zack Smith has given the Senators a surplus of talent down the middle.
In 56 games, Spezza ranks 40th in the NHL with 46 points, his lowest points-per-game rate since 2003-04.