Nolan Arenado is the face of the Rockies franchise, a big drawing card to Coors Field and one of the best third basemen in baseball. He’s on track to become the greatest player in Rockies history.

And now he’s at the center of legitimate trade talks.

The Texas Rangers have reached out to the Rockies about a trade for Arenado, major league sources confirmed. He is the Rangers’ No. 1 choice to be their third baseman in 2020.

While major stumbling blocks remain to a deal getting done, industry talk that began at baseball’s winter meetings last week has only grown, sources confirmed.

Following is an analysis of factors that would weigh into a possible trade:

— Big money: Just last February, Arenado signed an eight-year, $260 million deal, so he’s still owed $234 million for seven years, just below the $245 million Anthony Rendon is getting from the Angels after recently signing a free-agent deal. Would the Rangers, or another team, be willing to pay Arenado that much money? Considering Arenado’s offensive productivity, seven Gold Gloves and durability through the first seven years of his career, the answer is yes.

— Opt-out clause: Arenado can opt out of his contract after 2021, so this could be a major sticking point in a trade unless the contract was renegotiated. Would the Rangers, for example, be willing to give up top prospects knowing that they could lose Arenado after two seasons? Probably not, so Arenado would likely have to waive the opt-out clause as part of a trade.

On the other hand, the opt-out clause, which was general manager Jeff Bridich‘s idea, could become a problem for the Rockies if they don’t win in 2020 and 2021. If the Rockies struggle, Arenado would almost certainly opt out, so Bridich might want to strike when the iron is hot.

No-trade clause: Arenado has a full no-trade provision in his contract, meaning he can veto any trade he doesn’t like. Arenado has made it clear he wants to play for a consistent winner and legitimate World Series contender. If he doesn’t believe the Rockies can become that franchise, he would be open to a trade to a winning organization. Indeed, he might attempt to steer a trade in a direction he likes, much like Giancarlo Stanton did when he left the Marlins for the Yankees in December 2017.

Arenado made his frustration with the Rockies clear this past season when Colorado struggled after making the playoffs in 2017-18.

“How do I evaluate this team? We’re behind,” he told The Denver Post in mid-September. “We’re going to lose close to 90-some games. And that wasn’t the plan when I signed, that wasn’t the goal.”

As much as Arenando admires Rockies icon Todd Helton, he wants a chance to compete on baseball’s biggest stage and has made that clear in the past.

“There is something to be said for being with an organization for your whole career, I definitely believe in that,” Arenado has said. “I have a lot of respect for what Todd did. But at the end of the day, I don’t want to be in Todd’s shoes where I only go to the playoffs twice in my career.”

Rockies’ return: Colorado would ask for a lot in return for Arenado. The Rangers, for example, would likely have to give up a package that would include pitching prospects such as right-handers Cole Winn and Hans Crouse. The Rockies’ asking price for Arenado in top-flight prospects could be prohibitive.

Monfort factor: Owner Dick Monfort was a driving force in negotiations behind Arenado’s mega-deal last February and Monfort would have to approve an Arenado trade. He might be reluctant to do so because it could signify that Colorado is in a rebuilding mode, a notion Monfort has rejected.

“I haven’t seen many rebuilds that start with signing the face of your franchise, your best player, to an (eight-year) $260 million contract,” Monfort said after the season.

That being said, the Rockies are listening to trade offers and the Rangers’ interest in swinging a deal for Arenado is genuine, sources said.