The value would actually be really mediocre for Fleury considering everyone knows that they need to get rid of Fleury to save Murray... Penguins look desperate and everyone will want to take advantage of them

IMO the Pens would prefer to keep Fleury and Murray for an season ending and playoff run. Now if the Pens can get a great deal for a team that needs a goalie for lets say a Dman, maybe the Pens pull the trigger.
I really don't think the "expansion and NMC" rules makes a whole lot difference in trade thinking now and till TDL.

The expansion draft makes a huge difference in trade talks. If the Pens don't trade either goalie, then they are forced to protect Fleury because of his NMC, leaving Murray open for the expansion draft. Other teams can see what a predicament we are in and will lowball us. Besides, not many playoff teams will need a goalie with the exception of Dallas, but Niemi and Lehtonen make over 10 million combined, so its difficult to move them.

I'll disagree. If the Pens are in Cup contention at TDL, IMO it doesn't change the Pens thinking. Yes, I understand the expansion protection rules. The Pens will/can wait till the their playoffs are over to make the goalie move before expansion. Sure the Pens might be lowballed, but if you have Cup run that's the way it is. For instance, teams give up first rounders for UFA rentals and have these players for a few months and then they're gone.
Pens might have to look at Fleury similarly.

Bottom line is Pens will move him before deadline if GMJR feels the value is right, if not then they will likely just take the lowball (probably something in the range of a 3rd round pick, maybe a 2nd is optimistic) offer in June. Of course the easier solution would be getting him to waive his NMC and become eligible for Vegas to take (which I don't think they would) but that still creates the problem of having 9.5 M of the cap next year tied up in goaltending, which is quite high.

As for possible trade destinations, I'd say the most likely as of now would be Carolina. They are one of the few teams that have no clear direction at goalie. Nedeljkovic has had a really rough start in the AHL, so it might be several years before he's even ready to be an NHL backup, so they might be willing to invest in a guy like Fleury if their recent hot streak continues and they find themselves in the playoff picture come January (plus they definitely have the cap space) As for return, I'd say maybe a B+ prospect or bottom 6 roster player and a 2nd/3rd round pick. Pens would love to add some youth to the D pipeline and Carolina is decently deep at the blue line so that could also be a good fit. I'm sure the top prospects like Hadyn Fleury and Bean would be out of reach but maybe they could get a guy like Trevor Carrick.

Winnipeg is another name always linked to Pens in trade talks but I highly doubt they would be interested in Fleury…unless, Hellebuyck were to start to struggle. I think the Jets want to be on the cusp of "contend now" mode, and adding Fleury would be an outside possibility if Hellebuyck were to get hurt or regress.

It's almost obligatory that I mention Dallas. No team has been linked to Fleury more than they have, but it's just not feasible for them to acquire Fleury unless they unload one of their large contracts back to Pittsburgh. Obviously, Niemi not having a NMC makes him a somewhat more appealing solution but Dallas would have to add a player or pick to make it worthwhile. But the biggest reason I feel Dallas is unlikely is because if they wanted to pursue Fleury, they would have already done it. He was clearly available last offseason and they stood pat with Niemi & Lehtonen so I can't see why Nill would have a sudden change of heart.

Arizona is another name frequently thrown around due to the fact that they probably have the worst goaltending situation in the league, but they already look firmly entrenched in the Nolan Patrick sweepstakes so it doesn't really make sense to bring in a 31 year old goalie in exchange for their young assets. Of course the one interesting caveat here would be if Pittsburgh was looking to add a rental forward (Hanzal) and Fleury ended up as part of the package. Still not likely, but I guess it's possible.

One possible contender that actually might be looking to bring in a goalie is the Flyers, but the odds of deals happening between bitter division rivals are slim. Plus, could you imagine the hilarity of the Flyers bringing in the goalie that they have spent nearly a decade looking for new ways to heckle? Hilarious, but nearly impossible.

People throw out the Kings' name just because of their injury issues, but it's not happening. They simple can't afford to have Quick and Fleury on the books together.

Gotta mention Calgary, but basically combine what I said about Dallas and Arizona. No matter how bad Elliott plays, I can't see why a team that already inquired about Fleury but went another route would change their minds, especially if they are going nowhere. Maybe this changes if they go on a hot streak, and these 2 have been linked in other deals so maybe a package of some sort is possible, but I wouldn't count on it.

Cam Talbot started off hot for Edmonton, but recently has started to look very shaky. Edmonton has one of the most exciting young teams in the league, and goaltending may be the thing holding them back from making a playoff run. Would they pull the trigger for a guy like Fleury? Maybe. I wouldn't hold my breath, but it's probably more likely than most of the other teams on this list.

I can't really imagine anyone I didn't mention on this list even being interested unless they suffer a season-ending goaltending injury, but those do happen every year so who knows?