Sounds like the buzz from a few sources has us out of the running. We can all breath now, at least those of us hoping Wang wan't going to do another Yashin/Dipietor signing, and move one.

One source from "Fanhouse" has us out.

The New Jersey Devils, which acquired Kovalchuk via trade with the Atlanta Thrashers in February, appear to be the odds-on favorite to sign him since the Los Angeles Kings and New York Islanders -- two other teams that expressed interest in the winger -- have apparently bowed out of the sweepstakes.

http://nhl.fanhouse.com/2010/07/05/agent-ilya-kovalchuks-seach-narrowed/

So that leaves Wang and Snow now with the option that was really their only option to begin with. Find a player that fits their plan (An Afenigenov who can be had for cheap and short term) and extend Tavares, Bailey and Okposo BEFORE they hit free agency.

That is if these reports of the Isles bowing out are to be believed. Personally I can't see how they were ever seriously in the running considering that Snow promised us "NO SHORT CUTS" in his rebuilding plan.