METAIRIE, La. -- Malcolm Butler left New Orleans on Thursday without a new contract or a new team.

But the idea of a second blockbuster trade in the span of a week between the New Orleans Saints and New England Patriots remains in play.

Since Butler is a restricted free agent, the Saints will have to work out a long-term contract with the 27-year-old cornerback and work out a trade with the Patriots to land him. That trade compensation could possibly include the same No. 32 pick in the draft that New England just sent to New Orleans last week in exchange for receiver Brandin Cooks.

Perhaps the Patriots will accept a lower pick or package of picks. But one way or another, the Saints will have to pay an awfully high price to acquire the 5-foot-11, 190-pounder, who was a Super Bowl hero three years ago, a Pro Bowler two years ago and a second-team All-Pro this season.

So is Butler worth that much?

Perhaps -- especially for a New Orleans team that is aiming to speed up the gradual improvement it made on defense last year and end a string of three straight 7-9 seasons.

Butler had career highs of four interceptions, 17 pass breakups, one sack and one forced fumble last year. He has started all 37 of New England's games over the past two years, including the playoffs.

It is curious that the Patriots are willing to let Butler go at the right price -- and that they invested $13 million per year in a different cornerback, Stephon Gilmore, last week. ESPN Patriots reporter Mike Reiss explained that the longer, taller Gilmore’s measurables could be a factor.

But ESPN’s Matt Bowen is very high on Butler, whom he called a top-10 NFL cornerback. Bowen, a former NFL defensive back turned scouting analyst, gave Butler a rave review.

“I love Butler's tape,” Bowen said. “He's a true technician. And he competes all day. Relies on his toughness, footwork and ball skills to limit opposing wide receivers. Physical at the line, he is going to challenge routes, drive on the break and finish. Tackles in the run game, too. Complete player. Would love to coach him.

“Butler [undrafted out of West Alabama in 2014] is a great example of why technique and football IQ win over raw talent and measurables. I'll take that guy every day over a cornerback with 4.40 speed and limited footwork, fundamentals at the position. Give me the guy that competes and plays tougher than anyone else.”

It’s unclear how long the various negotiations could drag out. Seemingly, this is a deal that could get done as early as Friday now that all sides have had a chance to feel each other out. But technically the deadline for restricted free agents to sign offer sheets with other teams doesn’t hit until April 21.