A day after the NHL and the NHL Players Association failed to reach an agreement, a report in the Wall Street Journal indicated the two sides are nearing an agreement on a new collective bargaining agreement.
The Journal reported on Thursday that a two-year deal could be signed by the end of the month.
The deal could give the players more bargaining power in the coming years, with a potential to bring the league back into compliance with new labor rules and make players more financially secure.
The report said the two teams are close to a deal.
The NHLPA has already been negotiating for two years with the NHL, which is owned by the NHL.
The two sides have had an informal mediation process this week, according to the Wall St Journal.
The league has yet to make any decisions about the two-and-a-half-month extension.