I believe the best oppurtunity for the Oilers to trade the disgruntled Sheldon Souray is to the Buffalo Sabres for Tim Connolly. That would be the core of the trade.
The Sabres have over $8million in cap space, so taking Souray's $5.4million would not be disastrous. Souray also gives Buffalo something they desperately need; a top 4 defender, who can play significant powerplay minutes. Souray fits that mold, as his slapshot is unequaled in todays NHL. (He holds the unofficial hardest shot in the NHL at over 106 mph). The Sabres do not want Myers to take all of burden of the leading the powerplay again.
That would mean Buffalo's top 4 would be Myers, Souray, Rivet, and Leopold. Not a terrible defense core by any means.
Yes he has been injury prone throughout his career, especially recently, but so has Connolly. Connolly has not played 82 games since 2002.
Connolly would fit brilliantly with the youth brewing in Edmonton. The Oilers are in need of a centre who can play with the skilled Hall, Eberle or Paajarvi, and Connolly has that ability. He could immediately fit in at the top centre position, and gives them an almost never ending amount of possible forward line combinations. His playmaking expertise would be utilized to its fullest, especially if he plays with Hall or Eberle who do not need much time to cash in goals.
The trade helps out both team's weaknesses, and is not a major hinderance on either team's cap situation. In essence it is a trade worth considering by both parties.