Ilya Kovalchuk.

BY MIKE BROPHY
sportsnet.ca

A deal has been reached between unrestricted free agent Ilya Kovalchuk and the New Jersey Devils and could be announced this weekend, a source has told sportsnet.ca.

"It will likely be announced within 48 hours," the source told sportsnet.ca. "The only reason is hasn't been announced already is because (Devils' GM Lou) Lamoriello might be trying to trade a player first to address the team's salary cap situation."

The NHL says it has not reached an agreement on the structuring of a contract between the Devils and Kovalchuk.

"We have had many discussions with the Devils during the time since the arbitration award and possible structures for a replacement contract for Kovalchuk," NHL deputy commissioner Bill Daly told Sportsnet.ca. "We have not approved any of the structures we have discussed."

Daly said the Devils filed a new contract to be reviewed by the NHL.

The collective bargaining agreement allows for five days for approval of a contract.

According to nhlscap.com, the Devils only have a little more than $2.353 million in cap space remaining for the coming season.

Kovalchuk originally signed a 17-year, $102 million contract with the Devils, but it was rejected by the NHL because it called for $95 million to be paid to Kovalchuk in the first 10 years. The deal would have paid Kovalchuk just $550,000 a season for the final five years. An arbitrator later ruled in the NHL's favor.

It has been reported the Devils met with the NHL to discuss a second offer 15 years in length, but were told that would also be rejected.