The New York Rangers have a major question looming on the horizon as superstar Artemi Panarin enters the final year of his seven-year $81.5 million contract in 2025-26.NHL insider Frank Seravalli believes that Panarin is one of the best, if not the best, free-agent signings in NHL history. That situation makes it imperative for New YorkSeravalli had this to say during an appearance on B/R Open Ice published on July 22:“Is Artemi Panarin one of the best free agent signings of all time? Like, if you look at his contract, if you look at his AAV, if you look at his production, and how he also lifted the New York Rangers, from a team that was rebuilding to coming out of that really successful run of hockey for the team, it fit their cap picture.”Despite Panarin’s $11.5 million cap hit, Seravalli maintains that New York will work something out to keep Panarin on the team for the foreseeable future.He added:“He was willing to go there, of course, and that seems to have been a match made in heaven. I'd have to think that there's a way to work out a new deal for The Breadman."With the salary cap ceiling going up for the next three seasons, Artemi Panarin and the team have some wiggle room to figure out a new contract. Panarin is eligible to sign a contract extension at the moment.So, the Blue Shirts could go with Panarin the same way they did with Igor Shesterkin last summer. An extension could be announced at some point before the start of training camp. That would put the minds of Rangers fans at ease moving forward.Rangers must decide soon about Artemi Panarin’s future with the teamPanarin is believed to be an untouchable in New York - Source: ImagnA piece in The Hockey News from July 17 questioned the New York Rangers’ options with Artemi Panarin.In particular, the piece looked at GM Chris Drury’s approach with veteran players. Drury has done his best to shed big-money contracts on declining veterans like Jacob Trouba, Barclay Goodrow, and Chris Kreider.While Panarin hasn’t declined to the level of Kreider, for instance, Drury might feel compelled to move on from Panarin if he feels the 33-year-old’s contract demands exceed what the team feels he’s worth.That situation could lead to the Rangers wanting to re-sign Panarin at a discounted rate. If Panarin is reluctant to take a pay cut or perhaps sign a short-term deal, how could that affect Panarin’s future with the Rangers?It’s an intriguing thought as the Rangers may feel Panarin is no longer worth $11.5 million AAV. If the Blue Shirts are willing to move on from Panarin, could a trade be on the horizon? That’s another intriguing possibility that fans may have to consider.In the meantime, there’s no indication that Panarin is on the block. As the piece noted, Panarin is among the untouchables on the New York roster, as Arthur Staple noted. So, this upcoming season could be a roller coaster ride for The Breadman and the Blue Shirts.