The New York Rangers have traded their captain, Ryan Callahan, to the Tampa Bay Lightning.

Ryan Callahan (Bruce Bennett/Getty Images)

In return, the Rangers get six-time All Star Martin St. Louis according to ESPN New York. The Rangers also sent Tampa Bay a first-round 2015 draft pick and a second-round pick in the 2014 draft which becomes a first round pick if the Rangers make the 2014 playoffs.

The deal came together just hours before the NHL's 3p.m. trade deadline.

Callahan, an unrestricted free agent at the end of this season, had been negotiating an extension with the Rangers. The New York Daily News reports Callahan wanted a 7-year contract extension for $7 million per year and had reduced his demand to six years at between $6.2 million and $6.5 million per year.

One source told ESPN New York they were "within spitting distance" of making a deal before St. Louis entered the picture.

St. Louis, the 38-year-old right winger had requested a trade from Tampa Bay after not being named to Canada's Olympic hockey team by Lightning General Manager Steve Yzerman who serves in the same role for Team Canada.