It's been an active first day of free agency for the Rangers, and now they're making another big move -- dealing defenseman K'Andre Miller to the Carolina Hurricanes in a sign-and-trade.

In exchange for Miller, the Rangers will be receiving conditional first-and second-round draft picks and defenseman Scott Morrow, Larry Brooks of The New York Post first reported, and was confirmed by the team on Tuesday evening.

Miller will be signing an eight-year extension with Carolina that is worth $7.5 million annually.

The 25-year-old Miller spent five seasons with the Blueshirts after being selected with the 22nd overall pick in the 2018 NHL Draft. In 368 regular season games in a Rangers uniform, Miller had 36 goals and 96 assists to go along with 162 penalty minutes.

With the Rangers coming into the offseason with limited cap space, moving on from a top-four defenseman like Miller was certainly not an easy decision, but it gives the club some needed cap flexibility.

The 6-foot-5 defenseman, who was named to the NHL All-Rookie team in 2020-21, became expendable after the Rangers added the top defenseman on the market, Vladislav Gavrikov, on a seven-year, $49 million deal.

Miller had also been linked to the Detroit Red Wings in recent days.