According to The Fourth Period's Dennis Bernstein, the general manager of the KHL's Metallurg Magnitogorsk has announced that the club has a lockout deal with Malkin.
Dave Molinari of the Pittsburgh Post-Gazette is reporting the news as well, citing "reports out of Russia."
Malkin's agent, J.P. Barry, confirmed that Malkin has spoken with teams in Moscow and Magnitogorsk about a week-to-week agreement that would allow him to play during a lockout, but that nothing has been finalized, according to Molinari.
The news isn't all that shocking, considering many NHL players played over in Europe during the league's last work stoppage in 2004-05. It would be a welcomed homecoming for the Russian, though. He was a standout in his native country before heading to the NHL prior to the 2006-07 season.
Malkin, a three-time All-Star and reigning Hart Trophy winner, scored 50 goals and recorded an NHL-best 109 points with the Penguins last season.