The Rangers are holding Artemi Panarin off the ice ahead of the Olympic roster freeze.

Panarin will not be in the Blueshirts' lineup for Wednesday’s game against the Islanders with a “roster management” designation as the club looks to protect his trade value.

Panarin, 34, is in his seventh season as a member of the Blueshirts, and the alternate captain is in the final year of a seven-year, $81.5 million deal he signed before the 2019-20 season.

It is unlikely the veteran forward will play again before the Olympics. New York has four games remaining – including back-to-back games against the Isles starting Wednesday – before the three-week stoppage.

It doesn't appear a trade is imminent, but "it's obviously heading in that direction," Vince Z. Mercogliano reported on Wednesday.

The decision comes less than two weeks after Rangers general manager Chris Drury made clear that big changes to the roster were coming.

“We are not going to stand pat - a shift will give us the ability to be smart and opportunistic as we retool the team,” Drury said. "This will not be a rebuild. This will be a retool built around our core players and prospects."

After the GM's public announcement, Panarin had an "honest meeting" with Drury in which the winger was told the team would not be offering him a contract extension and that they'd like to find him an opportunity to win elsewhere.

"It's hard to say how I feel," Panarin said earlier this month. "I’m still confused, but the GM decided to go in a different direction. I'm okay with that."

The first move of that retooling came in the form of Drury dealing defenseman Carson Soucy to the Islanders in exchange for a 2026 third-round pick.

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