According to Nik Kypreos of Sportsnet, Bryan McCabe is willing to waive his no-movement clause to goto the Rangers. Arthur Staple of Newsday concurs noting that McCabe is only willing to goto the Rangers, although there is yet to be a deal in place.
Taking this with a grain of salt, it's the perfect scenario for the Rangers. With McCabe controlling his fate and taking a hardline on Rangers or bust, it puts the ball in Glen Sather's court. The Panthers leverage is minimal and since he's not in their future plans, better to get something than get nothing for their Captain.
If the Rangers can obtain McCabe at cost it will be a good move. He can certainly help the Rangers now and gives them a better chance at the playoffs. Matt Gilroy and a mid-round pick would be okay. Gilroy likely won't be tendered a contract this summer so he would have been a free agent anyways. Anything more than that though and the Rangers overpaid.