It appears the William Nylander standoff has come down to one of two possible conclusions: sign or sit.

It's "highly unlikely" the Toronto Maple Leafs will trade Nylander before Saturday's 5 p.m. ET deadline, reports TSN's Bob McKenzie.

If Nylander doesn't sign a contract before then, he'll be ineligible to play at all this season.

If the deadline passes without a new contract, the Maple Leafs could still theoretically deal Nylander's rights this season before Feb. 25, but it would essentially rule out any trade partner with playoff aspirations.

Nylander was drafted eighth overall in 2014, and is coming off back-to-back 61-point seasons.

The Maple Leafs haven't skipped a beat without the young Swede in the lineup, as they've started the season 18-8-0 and own the NHL's best goal differential.

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