Daren Millard of Sportsnet has just updated his Twitter page to state that the Ottawa Senators and Edmonton Oilers have come to terms for a deal to move Dany Heatley to the City of Champions in a package that apparently contains Andrew Cogliano. His "tweet" states this:

ott and edm have a deal in place Told cogliano part of the package going to ottawa but everyone is waiting for approval from dany heatley

...

heatley has a no movement thus veto power..

Heatley's no movement clause allows him to decide if he will or will not accept the trade.

TSN is also reporting this now, stating that the trade involves Cogliano as well as Dustin Penner and Ladislav Smid, two Bryan Murray alumni from his days with the Anaheim Ducks.

UPDATE: Sportsnet is now reporting this as a done deal. We'll wait for confirmation from other sources before we accept it as a completed trade.