Oilers GM Steve Tambellini has already spoken with Hemsky's agent about a new contract, but it seems a trade is inevitable.
Smyth, however, owns a no-movement clause and has given every indication that he wants to stay, despite teams like the New York Rangers expressing interest.
"I have no plans to move Ryan Smyth. Ryan has made it clear that he wants to stay here and play for the Oilers," Tambellini said, as quoted on the Oilers Twitter page.
Added Smyth: "I came back for a reason. As a family, we're happy here and I love being an Oiler. Family is the most important thing."
With Smyth off the market, Tambellini is still expected to be fairly busy between now and the Feb. 27 trade deadline.
Tambellini insists he will not "sell anything that hurts our future," as the Oilers are looking to help their defensive corps.
Hemsky, 28, is highly coveted and several teams, including Detroit, Boston and Toronto, have expressed an interest.
"I'm just staying focused on hockey and whatever happens, happens," Hemsky said.
Over the last week, speculation has increased over the tenure of goalie Nikolai Khabibulin in Edmonton.
It's believed the Chicago Blackhawks are one of the teams somewhat interested in The Bulin Wall.
More Trade Deadline Info
List of Trades
| No-Trade/No-Movement Clauses
| Top 25 Available Players
| Team-by-Team Cap Info