The 21-year-old held a meeting with his agent Wade Arnott of Newport Sports in suburban Toronto on Wednesday and is likely to start listening to offers from approximately five of the 26 teams interested in acquiring him.
Schultz and his agents will dress a shortlist of teams, and a deal could possibly be wrapped up by the weekend, when the defenseman can officially sign a new contract on Sunday.
Under the rules of the CBA, Schultz can be offered a two-year deal with a maximum salary cap of $3.8 million, with bonuses.
The frontrunners are believed to be the Canucks, Oilers, New York Rangers, Philadelphia Flyers, and Toronto Maple Leafs.
According to Detroit News beat writer Ted Kulfan, the Red Wings fell out of the Schultz sweepstakes late on Wednesday night as they do not appear on the young blueliner's alleged shortlist.
The Columbus Blue Jackets are also out of the running.
Schultz became an unrestricted free agent this past Sunday as he passed up the opportunity to sign a contract agreement with the Anaheim Ducks.
In 37 games with the University of Wisconsin, Schultz tallied 16 goals and 28 assists for 44 points.