The Rangers and Lightning picked up trade negotiations on Tuesday and are expected to keep talks going leading up to today's 3pm ET trade deadline.
According to TSN, the Rangers are pitching an offer that includes a first-round draft pick, but the Lightning want a roster player who can step in immediately and help the team.
There are no guarantees that the Bolts move St. Louis to the Rangers now, as talks could resume in the off-season is a deal isn't reached today.
The Rangers are still trying to sign captain Ryan Callahan to a contract extension, but failing that, they could include him in a package for St. Louis.
St. Louis has one-year left on his contract beyond this season.