ESPN's EJ Hradek stated on NHL Live that Derek Stepan is very close to signing a contract with the New York Rangers. There was no mention of possible terms, etc. Apparently Wisconsin's campus is aware of this as well, as the buzz there is that Stepan is leaving.
Also, you have to wonder if this affect's Ryan McDonagh's decision to leave Wisconsin for New York as well. We shall see.
Update by Dave: 4:35pm: Larry Brooks is reporting that Stepan has officially signed with the Rangers. The deal is an entry-level deal for three years, at $875,000 base salary. Bonuses are currently undisclosed. Stepan's cap hit will be higher than his base salary depending on the bonuses received. Also, since this is an entry level deal, this is a two-way contract, meaning Stepan's salary decreases if he plays in the AHL.