Toronto Maple Leafs general manager Brian Burke gave a vote of confidence to Mikhail Grabovski, saying there is "no chance" the club will trade the centre before today's deadline.
Burke told TSN that progress is being made in contract negotiations with the 27-year-old Belarusian.
Grabovski is in the final year of a three-year contract he signed with the Maple Leafs in 2009 worth an average annual value of $2.9 million. He is due to become an unrestricted free agent at the end of the season.
In 56 games with the Leafs this season, Grabovski has scored 18 goals and added 22 assists.
After a career year in 2010-11 in which he scored 29 goals and 29 assists, Grabovski struggled early on this season for the Leafs scoring just 11 points through the first two months of the season. However, he got hot in January, scoring 16 points in the month and winning an NHL first star award for the third week.
Grabovski was originally drafted by the Canadiens in the fifth round (150th overall) at the 2004 NHL Entry Draft.
One of the first notable faces of the post-Mats Sundin Leafs, Grabovski was brought to Toronto by interim-general manager Cliff Fletcher in 2008 for Greg Pateryn and a second-round draft pick.
He has scored 80 goals and 110 assists in 301 career NHL games with the Leafs and Canadiens.
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