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The Edmonton Oilers should try to sign Evgeni Malkin, but they must tread very carefully

Pittsburgh Penguins forward Evgeni Malkin has made himself a household name in the Steel City. Doing so in Edmonton would be an interesting storyline for next season, but it would require a significant sacrifice from the front office.
Jan 22, 2026; Edmonton, Alberta, CAN; Pittsburgh Penguins forward Evgeni Malkin (71) scores a goal on Edmonton Oilers goaltender Tristan Jarry (35) during the second period at Rogers Place. Mandatory Credit: Perry Nelson-Imagn Images
Jan 22, 2026; Edmonton, Alberta, CAN; Pittsburgh Penguins forward Evgeni Malkin (71) scores a goal on Edmonton Oilers goaltender Tristan Jarry (35) during the second period at Rogers Place. Mandatory Credit: Perry Nelson-Imagn Images | Perry Nelson-Imagn Images

Like how a snake sheds its skin, the Edmonton Oilers seem to shed at least a handful of forwards every offseason. Such has been the case for the past few seasons, and that could once again materialize this summer.

Veteran Adam Henrique is set to hit the free agent market after his $3 million AAV contract comes off the boards, while other forwards like 30-point scorer Jack Roslovic are set to join Henrique.

But with almost $12 million set to come off the books in July, the Oilers will have almost $10 million in cap space to allocate towards tinkering with the offense to ensure it is to the liking of the organization and its two superstar players.

The defense and goaltending is of extreme concern, but could the Oilers try to satisfy Connor McDavid and Co. with another star scoring option?

The Oilers already have McDavid, and they've also got Leon Draisaitl, Zach Hyman, and Ryan Nugent-Hopkins leading their scoring. If we include the defense, we can say that Evan Bouchard deserves to be seen as a scoring leader for this team.

But even then, they could very easily add longtime Pittsburgh Penguins forward Evgeni Malkin in an effort to once again make themselves one of the Western Conference's top teams.

While Malkin had previously expressed his desire to stay in Pittsburgh for the remainder of the 2025-26 campaign, his future beyond the end of the campaign remains unclear. He is about to turn 40 and there is an interest from both Malkin and Penguins general manager Kyle Dubas to ensure a continued stay in Pittsburgh. That said, Malkin did comment that he is open to signing with another team, though this came before Dubas expressed his willingness to bring the Russian forward back on a new deal.

Why Edmonton must be cautious should Malkin become an option

The prospect of playing with one of the strongest forward groups in the league is a considerable one, but Edmonton's front office must remain aware of the fact that bringing Malkin into the fold might not be a realistic proposition.

The concerns surrounding the defense and the goaltending are far greater than those surrounding the offense. In terms of goaltending, Tristan Jarry is rumored to remain with the Oilers for next season but there is a willingness to move on early should the right situation emerge; a buyout or move to Bakersfield hasn't exactly been ruled out as a possible situation.

If the Oilers did want to accelerate the decision on Jarry, they could give one of their five non-roster goaltenders - a list that includes former starter Calvin Pickard - a shot during the preseason. But it's also possible that the Oilers look to trade for a goalie, with names like Nashville Predators netminder Juuse Saros popping up in such discussions.

In terms of the blue line, the Oilers have been rumored to be considered trading defenseman Darnell Nurse, and they almost did so at the trade deadline. While no such move materialized at the end of the day, the Oilers are now capable of once again exploring such a trade; one possible trade has Edmonton moving Nurse and some picks to the San Jose Sharks for veteran defenseman Dmitry Orlov.

Other sources project that the re-signing of Connor Murphy will act as the Oilers' top priority at the blue line this offseason, while defensemen like Rasmus Andersson and Jamie Drysdale are set to hit the free agent market in some capacity.

The Oilers could also save money on their offense by promoting players from their AHL affiliate, the Bakersfield Condors. It might not be what McDavid and the team's stars want, but it would allow for the Oilers to invest in reinforcements for the defense and goaltending.

But the chance to sign one of the league's more prominent forwards doesn't come all that often. Even if Malkin ends up taking a pay cut to finish his career with the Penguins, the Oilers also offer a compelling case to add him to their ranks. Doing so would all but certainly shake up the NHL's hierarchy, but there is a very strong chance that it comes at a considerable cost.

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