But Chabot doesn't consider himself ready to fill Karlsson's skates if the Senators trade him.
"You can't just say you're going to take over for an elite player like that," Chabot said. "Players like him don't come around every day."
Karlsson had 62 points (nine goals, 53 assists) in 71 games last season. He has led Ottawa in points, or finished tied for the lead, each of the past five seasons.
The captain of the Senators since 2014, Karlsson won the Norris Trophy in 2012 and 2015, and finished second in 2016 and 2017. He's been voted to the NHL First All-Star Team four times (2012, 2015-17).
The Senators (28-43-11) finished 15th in the Eastern Conference last season, 30 points behind the New Jersey Devils for the second wild card into the Stanley Cup Playoffs, one season after losing to the Pittsburgh Penguins in double overtime in Game 7 of the Eastern Conference Final.
Karlsson might not be with the Senators on opening night against the Chicago Blackhawks at Canadian Tire Centre on Oct. 4. But Chabot should be there, looking to erase the disappointment he felt last season when he was sent down to Ottawa's American Hockey League affiliate in Belleville at the end of training camp.
Chabot made sure his stay in Belleville was short, scoring seven points (two goals, five assists) in 13 games to earn a callup.
"I want to start off on the right foot this season and make a positive impact with the Senators," Chabot said. "I'm going to arrive at camp feeling very comfortable with myself and very satisfied with the efforts that I made this summer. I know what I have to do, and I'm going to concentrate on that."