Certainly possible. My thinking is that he may not want to sign, and knowing that he'll be going back into the draft, they're trying to trade him for something before that happens. If they didn't think he was worth a contract it seems a stretch that they'd think they could trade him for anything.
As much shit as I've given Kjellberg over the years, he's the only one I could realistically see getting a deal. That whole "you can never have too many defensemen" thing. His dad has also hung around despite the rest of the departures, for whatever that's worth.
Also, Capfriendly now says that we have the rights to both Kjellberg AND Hughes until next summer. I would assume they add Ciccolini to that list as it looks like they're just saying anyone who is playing another year of college, has their rights retained by the drafting club for that extra year. I don't see that anywhere in any official NHL document but I guess we'll find out.
I'm curious, if they've decided he isn't worth a contract, or if the player has indicated he doesn't want to sign, what should the Rangers do? Let him walk?