I don't have any confirmation on this, so it is pure speculation on my part, but I'd imagine that the player they're looking to move is likely goaltender
Cal Petersen, who signed a 3-year, $15M extension in the summer of 2021, which carries a $5M cap hit. Petersen is currently buried in the minors and the Kings recently signed goaltender
Pheonix Copley to a 1-year contract extension, which will come into effect for the 2023-24 season. His AAV is $1.5M, which might indicate that he'll be the backup next season.