On March 3, 2004, Valiquette was traded by the Oilers, along with forward Dwight Helminen and a second-round selection in the 2004 draft to the New York Rangers for center Petr Nedvěd and goaltender Jussi Markkanen. Valiquette spent the 2004–05 season with the Rangers' AHL affiliate, the Hartford Wolf Pack, during the NHL lockout. That season, he and teammate Jason LaBarbera shared the Harry "Hap" Holmes Memorial Award, awarded to the goalie (or goalies) with the league's lowest team goals against average. In fact, Valiquette owned the league's lowest goals against average with 1.77. He then signed with Lokomotiv Yaroslavl of the Russian Superleague on April 26, 2005.