The NHL and their players' association will meet on Thursday to discuss Tuesday's formal offer from the league for a full 82-game season with a Nov. 2 start date.
The proposed deal from the league is for a six-year agreement with an option for a seventh year. The NHL and NHLPA would have a 50-50 split for hockey related revenue.
There are still stumbling blocks involved for a deal to take place. Donald Fehr, the NHL players union head, said that the proposed deal would cost players $1.6 billion over the course of the six-year contract.
The NHL made its proposal public on Wednesday, some of the other terms are a $59.9 million payroll and a five-year maximum length on all contracts.
The lockout started on Sept. 16. With a start date of Nov. 2, each team would play an additional game every five weeks.