Lukas Reichel is still a part of the Chicago Blackhawks as they hold out hope he can get closer to his potential or receive the right offer. Per Scott Powers, Reichel is "still available if someone is interested."
The young forward still has some value as he is 23 and has skill, but hasn't really g`hance in Chicago to play with the right players and earn more playing time higher in the lineup. With the addition of Andre Burakovsky and the extension for Ryan Donato, that is just more obstacles in Reichel's way that he will likely not be able to jump over next season.
There are definitely teams looking for some younger players to take a chance on, and if it isn't a rebuilding Blackhawks team that is trying to start winning, it might be a team headed the other way and selling off assets to open space for the future.
Reichel had eight goals and 22 points in 70 games last season, but he drastically improved his +/-. While that is a stat not everyone takes seriously, he went from a -29 to -16. That is still pretty significant. He doesn't hit or block very many shots, but he is talented offensively given the chance. He scored seven goals and 15 points in 23 games as a 20-year-old in 2022-23, but his ice time has continued to drop since then.
Even if Reichel got third line minutes, I believe that he would be able to improve in multiple facets of his game. The Blackhawks have more than enough young players to fill his spot in the lineup immediately and it just makes sense that the team trades him this offseason before his stock goes down because of lack of ice time again.