Toronto hasn't made an offer for the 23-year-old, and New York is looking for a lot in return, Dreger adds.
The Rangers are currently rostering Georgiev, recently recalled top prospect Igor Shesterkin, and 15-year starter Henrik Lundqvist. The logjam in the crease has made Georgiev potentially expendable, but he's proven to be a valuable piece for the Rangers, owning a .914 save percentage through his first 64 career games entering Thursday.
Toronto has been in the market all season for a backup goalie to ease Frederik Andersen's workload. The incumbent Michael Hutchinson lost his first seven starts of the campaign but has responded with wins in his three most recent starts.
Georgiev is a particularly attractive option for the cap-strapped Maple Leafs ahead of the Feb. 24 trade deadline, as he only counts for $792,500 against the salary cap. However, he's a restricted free agent after this season.