With his defensive value at an all-time high following the Erik Karlsson trade last Sunday and his trade rumors buzzing, just where will Noah Hanifin end up playing?

After informing the Calgary Flames that he won't sign a contract extension, Noah Hanifin seemed a prime candidate to be traded leading up to the 2023 NHL Draft. However, the 26-year-old defenseman still hasn't been moved and there's no indication that a trade is on the horizon.

The availability of Erik Karlsson in this summer's trade market may have had something to do with that. With Karlsson being shipped last Sunday to the Pittsburgh Penguins, interest in Hanifin could increase leading up to the start of training camps in late September.

On July 9, TSN's Salim Valji reported that Hanifin remains highly regarded around the NHL as a top-four defenseman. However, he felt that a number of clubs interested in the Flames blueliner lacked sufficient cap space to take on his $4.95-million cap hit for this season.

Sportsnet's Elliotte Friedman reported on July 19 that he didn't believe the Flames could sign Hanifin, speculating he could be traded unless he changes his mind.

Following the Karlsson trade, The Athletic's Julian McKenzie wondered if the Flames will try to capitalize on Hanifin's value in the trade market. Citing Friedman saying Hanifin wants to continue his NHL career with a US-based team, McKenzie suggested the Buffalo Sabres, Detroit Red Wings and Nashville Predators as possible trade destinations.

The Sabres, Red Wings and Predators have sufficient cap space to absorb Hanifin's cap hit. They also have depth in promising young players and draft picks to tempt the Flames. Whether those retooling clubs would be interested in a blueliner who's a year away from UFA eligibility remains to be seen.