And so the Rangers won’t get a shot at selecting Chris Osgood in this afternoon’s Waiver Draft, after all. Why not? Because, The Post has learned, the Islanders are going to select the Detroit goaltender with the first pick in the lottery.

According to a well connected source, the Islanders and Red Wings have reached an agreement on a deal for Detroit to pick up a meaningful portion of the $7.5 million Osgood has coming to him over the next two seasons in exchange for Mike Milbury’s promise not to trade the netminder.

The specter of Osgood eventually being wheeled to a Cup contender – specifically to Western rival St. Louis – is believed one of the primary reasons Detroit GM Ken Holland refused to deal the 28-year-old to the Rangers earlier this week when Glen Sather came ‘a calling.