PMe3 adds selectively to the central carbon of the η3– propargyl complex [C5Me5(CO)2Re(η3-CH2C≡CCMe3)][BF4] (1-t-Bu) to form the metallacyclobutene [C5Me5(CO)2Re(CH2C(PMe3)=CCMe3)][BF4] (7). The rate of rearrangement of the metallacyclobutene 7 to η2-alkyne complex [C5Me5(CO)2Re(η2-Me3PCH2C≡CCMe3)][BF4] (8) is is independent of phosphine concentration, consistent with a dissociative mechanism proceeding via η3-propargyl complex 1-t-Bu. The rate of this rearrangement is 480 times slower than the rate of exchange of PMe3 with the labeled metallacyclobutene 7-d9. This rate ratio provides an indirect measurement of the regioselectivity for addition of PMe3 to the central carbon of η3–propargyl complex 1-t-Bu to give 7 compared to addition to a terminal carbon to give 8. The addition of PPh3 to 1-t-Bu gives the metallacyclobutene [C5Me5(CO)2Re(CH2C(PPh3)=CCMe3)][BF4] (11). Low temperature 1H NMR spectra provide evidence for an equilibrium between metallacyclobutene 11 and η3-propargyl complex 1-t-Bu (Keq ≈ 44 M−1 at −46 °C and ΔG° (0 °C) = −1.2 ± 0.2 kcal mol−1).