The Buffalo Sabres are making a big splash as they look to finally break their long playoff drought but the deal has not gone through yet.

The Sabres have agreed to a blockbuster trade for St. Louis Blues defenceman Colton Parayko, sources tell Sportsnet.

However, Parayko needs to waive his no-trade clause to complete the trade, and the veteran defender has not yet done so.

Parayko, 32, is coming off a silver medal at the Olympics with Team Canada and is an 11-year NHL veteran. A six-foot-six right shot, Parayko helped the Blues win the Stanley Cup in 2019 and is known more for his play away from the puck than with it. This season he has one goal and 14 points in 58 games, but he set career-highs in goals (16) and points (36) one year ago.

He is in the fourth year of an eight-year contract with a $6.5-million cap hit.

The Sabres are on the cusp of their first trip to the dance since 2011, sitting second in the Atlantic Division and third in the East. This is the first move for Buffalo in what could be an active trade deadline for the sudden Cup contenders.

Meanwhile, the Blues sit 14 points out of a playoff spot, better only than the Vancouver Canucks in the Western Conference. They are rumoured to be shopping many of their veteran players, including Robert Thomas, Jordan Kyrou, Justin Faulk and Jordan Binnington.

The trade deadline is March 6 at 3 p.m. ET.