Philadelphia Flyers captain Peter Forsberg met with GM Paul Holmgrem yesterday to discuss his future. But despite speculation to the contrary, they did not discuss whether or not he’d waive his no-trade clause in advance of the February 27 deadline. Given the Flyers’ place in the standings — last in the entire NHL by a significant margin — it is a fait accompli that he’ll be dealt … if he is healthy enough to play.

But where Forsberg is concerned, injuries remain the biggest factor, even bigger than his ability to change a game with his incomparable playmaking ability. He’s been struggling all season with an injured foot, and hasn’t been able to find a skate boot that keeps his foot properly mobilized so he can skate without pain. And during yesterday’s meeting, the two sides focused on Forsberg’s foot problems rather than the pending trade deadline.

“We said that we have to figure out the foot before we talk about anything else,” Forsberg told reporters after yesterday’s meeting. “And that’s what we’re going to focus on. Everybody is looking at the trading deadline and talking about that, but it’s just so far out of the question right now.”

When asked whether he would consider trading his star center, Holmgren didn’t rule it out. But first, he said, Forsberg’s foot problems must be resolved.

“He’s never really been on the table,” said Holmgren. “Teams have called, and the basic conversation goes something along the lines of, ‘If you ever get to that point where you’re going to move Peter Forsberg, we would have interest.’ If he’s got a chance maybe at some point, and he’s feeling better, to go to a team and maybe help a team win, he may want to do that. But right now there’s just no sense talking about that.”

Should a Forsberg trade in fact go down, the Rangers have been one of the more prominently rumored suitors. This Rangers team is built to win now, despite its struggles, and the recent demotion of defenseman Darius Kasparaitis to the AHL affiliate Hartford Wolf Pack likely cleared enough room under the cap to fit Forsberg. Should Forsberg land on Seventh Avenue, he would fit quite nicely alongside Brendan Shanahan on the team’s second line, giving the Rangers a potentially devastating offense. But there’s good reason to wonder whether or not the Blueshirts can afford to give up what it would likely cost to acquire Forsberg.

Another strong possibility is the Detroit Red Wings, where Forsberg would be reunited with no fewer than seven teammates from Sweden’s gold medal-winning 2006 Olympic squad. The Wings’ defense and goaltending have been stellar this season, but their offense has been somewhat lacking. Forsberg would provide a great complement to top-line center Pavel Datsyuk, and would give the Wings a very potent one-two punch down the middle.

Two Canadian teams, the Montreal Canadiens and the Vancouver Canucks, are also potential suitors. The Canadiens have lacked a second line center all season long, with Thomas Plekanec chewing up critical minutes playing alongside talented Russians Alexei Kovalev and Sergei Samsonov. In Vancouver, the arrival of Roberto Luongo has precipitated a 180-degree shift from an offenseheavy team with no goaltending to a stellar defensive squad that struggles to score. Forsberg’s arrival would likely have a very positive impact on struggling Canucks captain Markus Naslund, who would benefit greatly from his fellow countryman’s deft playmaking ability.

But unless Forsberg has limited the Flyers to a short-list of teams to which he would accept a trade, the market will provide Holmgren with a plethora of options. In fact, at least 20 teams can be expected to enter the Forsberg sweepstakes, for each would benefit greatly from his presence. As one of few expected sellers in the marketplace, the Flyers stand to receive some very compelling offers.

Should the Pittsburgh Penguins believe that Forsberg could have an impact similar to Dwayne Roloson’s for the Edmonton Oilers last spring — that he could propel them to the Stanley Cup Finals — they will certainly investigate what it would cost to acquire him. The Pens are knee-deep in quality prospects and could surely afford to part with one or two if it would help their chances of reaching the playoffs and enjoying a lengthy run toward the Finals.

The Nashville Predators boast an excellent blue line corps that already includes talented youngsters Shea Weber, Ryan Suter, and Dan Hamhuis, and they’ve got two more top-tier prospects on the way in Ryan Parent and Cody Franson. It’s conceivable that the NHL’s top team will be a big player as the deadline approaches, and Forsberg might well represent the tipping point for the fast-rising Predators.

And the list goes on … The San Jose Sharks, the Ottawa Senators, the Boston Bruins, the Islanders, the Dallas Stars, and the Calgary Flames would all be significantly improved if they added Forsberg. When he’s healthy — no certainty given his injury history—the 33-year-old Forsberg is one of the NHL’s top five forwards. But with so many buyers likely to kick the tires on this trade, and so few sellers hawking top talent in the marketplace, the asking price is likely to rise to a level that gives rival GMs cause for serious concern with regard to the inherent risk.

Forsberg has indicated that he likes playing in Philadelphia, and it’s likely that he’ll re-sign with the Flyers if he in fact decides to return to the NHL for 2007–08. The terms of his trade will probably take this into consideration, and a portion of the return the Flyers get may depend on whether he suits up for them next season, whether he signs with the team that acquires him or another team entirely, or whether he retires to Sweden.

Will Forsberg land with a surefire playoff participant or a team on the bubble? Will injuries prevent him from making a meaningful impact, or will he be the tipping point in the positive for a team with Cup aspirations? The speculation is endless, and will be until long after the deal is done. The best guess is that Forsberg will in fact make a difference, and so — in the NHL’s post-lockout, salary cap–driven world — this stands to be the most compelling trade of the season. If it happens…

Mr. Greenstein is the editor in chief of InsideHockey.com.