Suggestions that a deal has been reached to end the NHL lockout are at best premature and and worst dead wrong, multiple sources have told TSN.
Friday's optimism was fueled first by news that the two sides were set to meet Saturday in New York, and then by the arrival of Hall of Famers Wayne Gretzky and Mario Lemieux to join the discussions.
Late Friday night, there were several reports that Gretzky and Lemieux had actually managed to broker a deal, but both reports were quickly denied by both the NHL and the Players Association.
"The report is absolutely false," an NHLPA spokesman said late Friday night in reference to the first such story, which came from The Hockey News website.
That sentiment was echoed by NHL vice president Bill Daly, who told TSN it was "entirely untrue and without foundation."
While it's still possible the two sides could reach an agreement Saturday, a source close to the talks called the chances of that taking place "very remote".
Still, the fact that the two sides are talking again was greeted as welcome news.
"I've said all along that the most important thing is coming to an agreement," said New Jersey Devils CEO and GM Lou Lamoriello. "Even after the season was cancelled it was just so important to get together as soon as possible.
"And I commend both of them for agreeing to do it. And now, get it done."
Since NHL Commissioner announced the cancellation of the season Wednesday afternoon, there has been a flurry of activity in hockey circles, with general managers, agents and players desperately trying to resuscitate the talks.
"I think both sides took a step back the next day and realized 'we were that close,"' Calgary Flames superstar Jarome Iginla said Friday night from Edmonton. "And I think both sides realized that for the big hit hockey would take, maybe we needed to take another crack at it."
"I can only hope that both sides realize they owe to the game to allow common sense to prevail," veteran agent Don Meehan of Newport Sports said Friday night from his Mississauga office.
But there remain serious differences that must be bridged.
There are several owners upset with the league's final offer of a $42 million dollar salary cap, feeling it was too high.
"That number ($42.5 million) would have been a tough sell at a governor's meeting," said one high ranking team executive contacted by TSN.
On the players' side, there are those who felt betrayed by the union's decision to agree to a salary cap so late in the process, after vehemently refusing even to consider one previously.
Several participants on both sides of the divide have been discussing a "laddered" salary cap - one that would start at $42.5 million, and gradually work it's way up to $45 million, and those suggestions were mentioned frequently by those who felt there was a deal imminent.
But as of now, no such deal exists.