"Bryan McCabe's days as a Maple Leaf are likely numbered – at about 17.

But even as Canada's major sports networks posted updates yesterday reporting a pending trade that would send the defenceman to the Florida Panthers after Sept.1, the Leafs' general manager and McCabe's agent both denied such a deal was tentatively in place.

They both acknowledged they are working towards some sort of compromise, one that may see the much-maligned defenceman waive the no-movement clause of his contract in order to be dealt out of Toronto.

But both said nothing is complete.

"(McCabe) hasn't even said he would accept being traded yet. We're working on it," said Cliff Fletcher, Toronto's GM.

"He has not been traded as of yet and if he does agree to be moved to a certain team, we will try to see what we can do to make it happen. It hasn't happened yet."

Ian Pulver, McCabe's agent, also said no decision on McCabe's future has been finalized.

"We continue to talk to the Leafs about whether he is going to remain a Leaf or move to another team. Technically he won't waive the no-trade until there is a trade and there hasn't been a trade," said Pulver.

"Having said that, he may remain a Leaf. There's a lot of things to discuss."

The assumption in the hockey world is that McCabe will be dealt on or after Sept.1. That date is significant because McCabe collects a $2 million bonus at the start of next month. Whichever team has his rights on that day is on the hook for the bonus. So no team is going to trade for the 33-year-old when, if they waited a few days, he would be $2 million cheaper.

However both TSN and Sportsnet, citing sources, yesterday posted reports that a deal in principle is in place that will send McCabe to Florida once Sept.1 has passed.

TSN said the players had been agreed upon and another Toronto player would likely be moving with McCabe to the Panthers with the Leafs getting at least one player back.

Sportsnet reported that as part of the deal, Toronto will receive Panthers defenceman Mike Van Ryn. An interesting twist is that the Leafs tried to sign Van Ryn, now 29, when he was declared a free agent by an arbitrator in 2000. Van Ryn, a London, Ont., native, signed instead with St. Louis.

If the Sportsnet scenario is correct, Toronto will free up almost $3 million in cap space. Van Ryn will earn $3.35 million in each of the next two seasons but his cap hit is just $2.9 million. "