The Washington Capitals recent "demotion" of center Michael Nylander to the AHL's Grand Rapid Griffins for a two-week conditioning stint has resulted in a minor resurrection of speculation he could either be traded to another NHL team or perhaps loaned to a European club, possibly in Russia's Kontinental Hockey League (KHL). 

The way I read it, this is a last chance measure for Capitals management to hopefully drum up some interest in the 37-year-old center. 

Two years ago the Capitals signed Nylander, who was coming off an 83-point performance with the NY Rangers in 2006-07, to a four-year contract worth $4.875 milllion against their salary cap per season. 

The thinking was Nylander might mesh well with young Capitals superstar Alexander Ovechkin as a set-up center, and early in the 2007-08 campaign the early returns were promising. 

Alas, Nylander tore a rotator cuff in a game against the Florida Panthers resulting in season-ending surgery several weeks later. 

During his absence the Capitals, under new head coach Bruce Boudreau, began turning into a playoff contender while young Swedish center Nicklas Backstrom eventually took over the first line center role from Nylander. 

Last season Nylander played in 72 games but saw less and less ice time as he tumbled down the Caps depth chart, losing the confidence of Boudreau along the way. His expensive contract, with a "no-movement" clause effective to the end of the 2009-10 season, became a burden on the Capitals budget. 

This season Nylander has been a healthy scratch throughout the pre-season and all the Capitals regular season games thus far, spending his time in the press box. The club cannot trade him or demote him to the minors without his consent.  

Boudreau and Capitals GM George McPhee alluded to rectifying his situation which most observers believed meant loaning him to a KHL team. The Caps would still be on the hook for most of his salary for this season but by loaning him overseas it clears his salary from their cap. 

Hence the reason - it's believed - for his two-week conditioning stint in the AHL. His salary still counts against the Capitals salary cap while he's there and he didn't have to pass through waivers, not that any NHL club is currently interested in plucking him off the waiver wire. 

Nylander didn't have to agree to that move but given he's not going to attract much attention as a healthy scratch this would give him the opportunity to prove himself as a worthy center to the rest of the hockey world and perhaps revive some attention in him. 

Despite some rumors out of Russia of possible interest in Nylander, including one claiming his former Rangers linemate and Avangard Omsk star Jaromir Jagr was actively stumping to be reunited with his former set-up man, it appears the window of opportunity for an overseas loan is closing. 

The Chicago Blackhawks went through a similar situation at the start of last season with goaltender Nikolai Khabibulin and ultimately were forced to keep him when no trades with NHL teams or loans to a European club could be found. 

The difference is, Khabibulin went on to become a key factor in the Blackhawks march to the 2009 Western Conference Final. 

Unless Backstrom and second line center Brendan Morrison end up going down to season-ending injuries, Nylander probably won't get the same chance to redeem himself this season with Washington that Khabibulin got last season with Chicago.

That'll likely mean that, barring a suspension if Nylander should suddenly get fed up and quit the team or announce his retirement, he'll be spending most of this season watching Capitals games rather than playing in them.

And the best the Capitals can likely hope for is a rival NHL team to get so decimated by injuries or so desperate to make the playoffs they'll be willing to make an offer for Nylander.

If I were a member of the Capitals management, I wouldn't get those hopes up.