Senators GM Bryan Murray is still looking to add a power forward prior to Wednesday's 3pm ET trade deadline, and is exploring the market on left wing Milan Michalek and defenseman Joe Corvo.
Murray is also hoping to sign defenseman Chris Phillips to a contract extension, but failing that, he could trade him, as well.
Michalek, Corvo and Phillips are all set to become unrestricted free agents July 1.
Michalek owns a full no-trade clause and would have to approve any deal the team tries to make. As of Sunday, the team had not approached the 29-year-old about waiving his no-trade.
Spezza, meanwhile, is being shopped around the league, three separate NHL sources told TFP over the weekend.
One source even indicated to TFP that he was not surprised that Spezza was on the block.
With the trade deadline around the corner, the Senators may not be able to manifest a trade involving Spezza, upon which trade discussions would carry out into the off-season, where a deal could be consummated around the NHL Draft in late-June.
Drafted second-overall by the Senators in 2001, Spezza has played his entire career in Ottawa.
He owns a no-trade clause and would have to approve any deal the Senators attempt to make. It is unclear if his agent, Rick Curran, has been approached about waiving Spezza's clause to certain teams.
It had been widely reported that Spezza and the Senators have been at odds over parts of his tenure with the organization, but nothing new has triggered the team's attempts to explore the market for him.
If dealt, the Senators would be looking to complete a "hockey trade," a source said, which would have to include a young, NHL-proven center as part of a package.
Spezza's price tag could be similar to that of Vancouver Canucks forward Ryan Kesler, which includes a young, NHL-proven forward, a top prospect and a high draft pick, though the Senators might press for more NHL-quality talent.
In 56 games with the Senators so far this season, Spezza has registered 15 goals and 31 assists for 46 points.