Kings GM Dean Lombardi has admitted interest in Kovalchuk, but is understandably concerned about tinkering with what appears to be a winning chemistry. According to sources, he does not want to give up a piece he'd really want next year for a player who probably would not return. Right now, that piece appears to be winger Wayne Simmonds, who has shown great improvement over the past season.
Lombardi's offer is believed to focus on forward Alexander Frolov (himself a UFA) with the two teams also arguing over defenceman Jack Johnson. (The Kings are loaded with blueline prospects.)
Philadelphia's involves winger Scott Hartnell. (As he has promised, Paul Holmgren continues to rebuff attempts at extricating Jeff Carter.)
There is a third team with interest: the New Jersey Devils. The Devils make a lot of sense, a team with Stanley Cup potential and in need of scoring, especially with the uncertain health of Patrik Elias. Kovalchuk could go a long way towards removing the skepticism about his game with a good performance there. However, it's uncertain if New Jersey would or could provide Waddell with the impact he needs.
Other than that, it doesn't appear as if there's much of a market - unless Waddell lowers his asking price.
It wouldn't make much sense for a team like Boston, for example, to send Atlanta some of its surplus picks or young players in exchange for a rental. Maybe if the Bruins were contending for a Stanley Cup, but in a surprisingly disappointing season, there's no benefit.
Barring a major change in Waddell's desires, I'd guess the Bruins are out.
Vancouver is another rumoured destination, but it would go against Mike Gillis' stated philosophy of not giving away high-end prospects/draft picks for rentals.
Chicago has decided not to tinker with its terrific dressing-room chemistry and will deal with its cap issue after the season. (A smart move, in my opinion.)
Calgary doesn't appear likely, as sources say the two teams never even discussed Dion Phaneuf, who would have made sense as a part of any package.
If he really does want to make the trade, Waddell may have no choice but to accept less than desired