Late Thursday night, following their 4-2 loss to the Calgary Flames, the Islanders sent forwards Peter Regin and Pierre-Marc Bouchard to the Chicago Blackhawks for a 2014 fourth-round draft pick.
The Islanders also retained half of their remaining salaries.
Islanders GM Garth Snow has made it clear that he would like to trade Vanek before today's 3pm ET deadline, so the team wouldn't be on the hook for paying him during the Olympic break.
Several teams are interested in Vanek, including the St. Louis Blues, Los Angeles Kings and Pittsburgh Penguins.
MacDonald, 27, is set to become an unrestricted free agent July 1, but his agent, Peter Cooney, confirmed to TFP that his client's priority is to sign an extension with the team.
"Our intent is to stay with the Islanders," Cooney said. "Our first goal, along with making the playoffs, is to remain an Islander."
While Cooney also mentioned that "business is business," MacDonald is looking for "market value" on his next deal.
MacDonald recently turned down a four-year, $16 million contract extension pitched by the Islanders and is believed to be seeking a four-to-five deal worth closer to $5 million, per season.
A number of teams are interested in MacDonald, including the Kings, Boston Bruins, Detroit Red Wings, Colorado Avalanche and Tampa Bay Lightning.
In 59 games with the Islanders so far this season, MacDonald has registered four goals and 20 assists for 24 points, and leads the team in ice-time, averaging 25 minutes and 33 seconds, per game.
TFP Editor-in-Chief David Pagnotta contributed to this report.