Report: Islanders, Bailey closing in on multi-year contract extension

The New York Islanders and forward Josh Bailey appear close to agreeing on a multi-year extension, TSN's Bob McKenzie reports.

It's likely to be a five- or six-year deal with an average annual value around $5 million, according to McKenzie.

Bailey is a pending unrestricted free agent in the final year of a five-year, $16.5-million pact he inked in the summer of 2013.

He has already established career highs this season playing on John Tavares' wing, with 47 assists and 62 points in 57 games.

Bailey was named an All-Star last month for the first time in his 10-year career, the entirety of which he's spent with the Islanders, who drafted him ninth overall in 2008.