Such a scenario would put the Penguins in a difficult position because it would mean they would likely have to leave Murray exposed, and considering he'd be 23 and coming off of his entry-level contract next summer, he would be a prime candidate to be selected by Las Vegas.
Murray, who won 15 games in leading the Penguins to the Stanley Cup championship, would be the preferred choice for Rutherford to protect from an expansion draft, which increases the possibility that he would feel compelled to try to trade Fleury before the end of next season.
Fleury, 31, is signed for three more seasons with an annual salary cap charge of $5.75 million. The Calgary Flames, who need a No. 1 goaltender, have reached out to the Penguins to inquire about a trade for Fleury, according to the Calgary Sun.
"I'm just trying to take it a step at a time here," said Rutherford, who is a finalist for the General Manager of the Year Award. "I'm not aggressively out trying to trade one of our goalies. On one hand we're in good shape from a goalie point of view, but on the other hand we might have to make a tough decision at some point."
"There's a lot of things to think about right now," he said later.
Among them is experience, which is a big reason why Rutherford is uncertain about the potential of trying to trade Fleury.
Although Murray led the Penguins to the Stanley Cup, he has not played a full NHL season. He started 13 games in the regular season and wasn't on the roster on full time until March.
Fleury is entering his 13th NHL season. He has 357 wins in 653 appearances.
"Fleury is a franchise goalie," Rutherford said. "You don't find any better team guy or any better guy than him. And Murray is just getting started in the League."