With four days to go until the NHL trade deadline, Jacob Markstrom and Noah Hanifin are still on the Calgary Flames. But speculation continues about potential returns.

As the March 8 trade deadline approaches, Calgary Flames goaltender Jacob Markstrom and defenseman Noah Hanifin are dominating the rumor mill.

Markstrom, 34, was nearly traded to the New Jersey Devils in mid-February. The deal reportedly fell through over the Flames' unwillingness to retain part of his $6-million cap hit through 2025-26.

As the deadline draws near, Hanifin's intention to test this summer's free-agent market turned the 27-year-old defenseman into one of the biggest trade candidates.

While talking to reporters last week, Markstrom expressed dissatisfaction with how the Devils deal was handled. The Hockey News' Steve Macfarlane wondered if the relationship between the goalie and management is irreparably damaged. If it is, Macfarlane suggested he could be traded in the off-season, considering few teams can afford him right now.

Sportsnet's Eric Francis noted conflicting reports regarding the failed Markstrom trade. One claimed the netminder was frustrated that the deal with New Jersey fell through after he agreed to waive his no-movement clause. Another stated he wasn't officially asked to waive his clause but was asked if he would consider doing so to join the Devils, while another suggested he never gave his consent.

A trade with the Devils remains possible. The Athletic's Pierre LeBrun reported they're now willing to take on Markstrom's full cap hit. Whether that happens by March 8 remains to be seen.

As for Hanifin, Macfarlane wondered what kind of return he'd fetch for the Flames. He speculated it could start with a first-round pick and a higher-end prospect or young roster player.

The puck-moving blueliner remains linked to clubs like the Boston Bruins and Tampa Bay Lightning, with Sportsnet's Elliotte Friedman claiming the Lightning is his preferred destination. Both clubs, however, lack first-rounders in this year's draft to use as draft capital. Macfarlane suggests it could cost the Lightning a prospect like Isaac Howard or Ethan Gauthier along with their 2026 first-rounder as part of the return.

Macfarlane noted that Hanifin has also been linked to the Vegas Golden Knights and Toronto Maple Leafs. Both have first-round picks in this year's draft.

Hanifin might not be a priority for the Golden Knights, who seek a first-line right winger to replace sidelined captain Mark Stone. He's also a left-shot defenseman, but the Leafs need to shore up the right side of their blueline.

Sammi Silber recently cited Sportsnet's Elliotte Friedman suggesting the Washington Capitals as a dark horse for Hanifin. ESPN's Kevin Weekes reports the Florida Panthers could also make a push.