The New York Islanders and pending unrestricted free-agent Josh Bailey are closing in on a multi-year contract extension, according to TSN Hockey Insider Bob McKenzie.
The details of the deal are still being finalized, but it is likely to carry an average annual value of around $5 million with a term of five or six years.
Bailey has appeared in 57 games this season for the Islanders and has scored 15 goals and 47 assists with a minus-6 rating.
The 28-year-old is in his 10th NHL season, all spent with the Islanders, and in 696 games has 121 goals and 247 assists. He was selected ninth overall in the first round of the 2008 NHL Entry Draft by the Islanders.
Bailey's current contract, an expiring five-year deal, carries a cap hit of $3.3 million.