ESPN The Magazine's E.J. Hradek reports the Devils have worked out a new contract with Kovalchuk and are waiting for a decision on it from the league:
The New Jersey Devils have submitted to the league for approval a new contract with star free agent Ilya Kovalchuk, NHL deputy commissioner Bill Daly confirmed to ESPN on Friday.
According to Daly, the league has five days to review the contract.
Although no specific details of the deal are known at this time, a source says it's a 15-year contract worth approximately $100 million.