If the New York Rangers are indeed the third party involved in a potential Erik Karlsson trade, former captain Ryan Callahan could be headed back to the Broadway Blueshirts, reports Larry Brooks of the New York Post.

The Tampa Bay Lightning remain a favorite to land Karlsson from the Ottawa Senators, but with less than $4 million in cap space, and with the superstar blue-liner due for an extension, Lightning general manager Steve Yzerman will need to shed some salary in order to make a deal work.

Karlsson is due $6.5 million next season, per CapFriendly, but he could be seeking a new contract in line with Drew Doughty's recently signed eight-year, $88-million extension.

Enter the Rangers, who are reportedly interested in a reunion with Callahan. The 33-year-old has a $5.8-million cap hit for the next two seasons, and while he holds a modified no-trade clause, accepting a trade back to New York seems like a safe bet.

Brooks notes that should the Rangers take on Callahan's contract, the Lightning would likely need to sweeten the deal, possibly with a draft pick. New York already owns Tampa Bay's second-round pick in next year's draft as part of last season's Ryan McDonagh trade. As per the conditions of that deal, the draft pick will become the Lightning's first-rounder if they win the Stanley Cup in 2019.

New York dealt Callahan to Tampa Bay at the 2014 trade deadline in the deal that brought Martin St. Louis to the Rangers.

Callahan tallied five goals and 13 assists in 67 games with the Lightning last season. He underwent shoulder surgery in late May and was given a five-month recovery period.