I wouldn't make a panic move to cover a roster spot for a season where they are likely not making the playoffs. If it helps the team now and in the future, that's a different story.
I don't see anyone wanting Norris, with his contract and injury history, unless they are sending a boat anchor back to Ottawa. Would you rather have a boat anchor 3rd/4th RD or a boat anchor #2C?
Realistically the Sens would probably trade Norris for nothing to get him off the books.
I don't think it is a panic move. It's already been reported that they were shopping Norris last year prior to his injury.
In all likelihood, they don't see him as part of the core moving forward. The team's current record expedited moving him.
Teams who might have been interested in him last year probably needed to see that he could play without getting hurt. He is on pace for 30 goals while playing the toughest minutes of all Senators Cs, winning almost 60 percent of faceoffs, and being leaned on heavily by Green. Whether he has passed the eye test during those minutes is up for debate, but I could see how his current performance on paper might give a rival GM some confidence that if they acquire him they are buying low on a very useful player.
If we trade Norris, I don't think we will get back an equivalent player. I think it will be a 2 for 1 type deal where we move him for two veterans who are signed to 3M-5M type contracts and fill the 3C+4/5D type role. People will be underwhelmed with the return, but it will be just as much about helping fix the depth and change the room in the short term as it will be about getting out of that Norris contract long-term.
I don't think it will just be a D coming back, because if they trade Norris they decimate the center depth. Pinto and Greig both haven't got going this season and an injury to either one of them puts us in a tough position depth wise. We would go from having great center depth to being 1 injury away from being paper thin after Stutzle (unless Greig or Pinto get going).