No extension yet between McDavid, Oilers

Connor McDavid and the Edmonton Oilers are working on a contract extension, however, nothing is done yet.

McDavid's agent, Jeff Jackson, told TSN Hockey Insider Pierre LeBrun on Wednesday that two sides have yet to reach an agreement in their negotiations.

Entering the final year of his entry-level contract next season, Oilers general manager Peter Chiarelli has called an extension for McDavid a priority for the Oilers this summer.

McDavid is expected to sign an extension at roughly the same time the team reaches a new contract for restricted free agent Leon Draisaitl. 

TSN's Ryan Rishaug said Tuesday his guess is McDavid's contract holds an annual average value in the range of $13 million over eight seasons - a total of roughly $104 million.

LeBrun notes the two sides are working on how to handle to potential lockout season in the contract, which could come in 2020-21.

McDavid, named the Oilers captain prior to the season, led the NHL in assists (70) and points (100) during the regular season. He added five goals and four assists in 13 playoff games.

He won the Hart Trophy as the league's most valuable player to his team and the Ted Lindsay Award as the most outstanding player in the regular season at the NHL Awards last week.

The 20-year-old missed a significant portion of his rookie season due to a broken collarbone, but now owns 46 goals and 148 points in 127 games. He was selected first overall in the 2016 NHL Draft.

McDavid's contract could make him by far the highest paid player in the NHL. Jonathan Toews and Patrick Kane currently own the league's highest cap hits at $10.5 million each. Anze Kopitar is the only other player with an eight-figure cap hit, at an even $10 million. 

If the cap were to stay flat at $75 million in 2018-19 (the first year of McDavid's extension) $13 million would account for 17.3 per cent of his team's cap space.