The NHL Players Association is expected to table a counterproposal to the NHL Board of Governors during a face-to-face negotiation meeting on Monday afternoon.
Monday's meeting is expected to begin around 2 p.m., ET in New York City.
The NHL presented the players association with a new collective bargaining proposal last Thursday. The proposal was extensive in length, with several reports stating that it resembled a complete collective bargaining agreement.
The NHL's proposal reportedly consisted of a 10-year CBA with a mutual opt-out after eight years, a 50-50 split of hockey-related revenue, no contractual rollbacks of player salaries, max-limits on free agent contracts, one compliance buyout prior to the 2013-14 season and $300 million towards the "Make Whole" provision.
The two sides engaged in conference calls on Friday and reportedly met for face-to-face discussions at the NHL's offices on Sunday afternoon to clarify components of the proposal.
According to previous reports, it is believed that the two sides need to come to terms on a new collective bargaining agreement by Jan. 11 in order to avoid a cancellation of the entire 2012-13 season.