The decision from the league has now been extended until Friday at 5pm.
The latest offer the Devils organization brought to the NHL was a 15 year deal worth $100 million, which at first blush seems very similar to the 17 year $102 million offer that was rejected by the league earlier in August.
The main difference in the two deals other than the two years and $2 million, is the separation of the money over the latter half of the contract.
Nick Kypreos of Rogers Sportsnet reported the new revamped deal would see Kovalchuk, 27, earn $6 million in each of the first two seasons of the contract followed by $11 million in 2012-2013, slighty over $11 million per season until 2017, $10 million 2018-2019, $7 million in 2019-2020, $4 million in 2021 and a combined $10 million over the last five years with the contract expiring at the end of the 2025-2026 season.
The $10 million over the last five years of the contract is a much larger sum then the $2.75 million Kovalchuk was slated to make in the last five years of the original offer.
It is believed that if this deal isn't cleared the 27-year-old sniper will take his services to the Kontinental Hockey League in Russia and suit up for SKA St. Petersburg.
Kovalchuk was a member of the Atlanta Thrashers for his entire career until he was traded to New Jersey last season where he tallied 10 goals and 17 assists in 27 games with the Devils.