Update, 3:12 p.m.:
Zipay now confirms award.
Steve Zipay at Blue Notes reports a source has said that Nikolai Zherdev was awarded $3.9 million in arbitration.
Zipay, who is waiting for official confirmation, says if true, expect the Rangers to reject the award and the right winger will be an unrestricted free agent.
Andrew Gross at Ranger Rants adds that the Rangers could agree to the contract, then trade him to get value back.
...this was all very expected. It was nice knowing you Z.