from Larry Brooks of the New York Post,

Negotiations regarding an extension are at a standstill, if not an impasse, with Callahan believed seeking a deal in the neighborhood of seven years at $42 million that is not in the same ballpark as general manager Glen Sather is willing to pay; not even a ballpark as expansive as Yankee Stadium, where the Rangers and Islanders will meet on Wednesday.

As such, the Rangers are believed to be in the process of conducting due diligence regarding the rental market for Callahan, though two league GMs told The Post on Wednesday morning the captain’s name had not been broached recently by Sather.

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added 2:21pm,