Report: Oilers, Nugent-Hopkins making progress on long-term extension

The Edmonton Oilers and forward Ryan Nugent-Hopkins have made progress on a long-term extension over the past 24 hours, reports TSN's Frank Seravalli.

A new deal isn't imminent, but the two sides appear to be headed in the right direction, Seravalli adds.

Nugent-Hopkins is entering the final season of a seven-year, $42-million contract he signed in 2013. He'll become an unrestricted free agent if a deal isn't reached by the end of the 2020-21 campaign.

The 27-year-old was on pace for the best statistical season of his career before the pause in March, having posted 61 points in 65 contests while averaging over 20 minutes per night. He added six points in four play-in games versus the Chicago Blackhawks.

The Oilers currently have approximately $32 million in projected cap space for the 2021-22 season, when Nugent-Hopkins' potential new deal would kick in.

Edmonton drafted Nugent-Hopkins with the first overall pick in 2011. He's registered 443 points in 604 games in his career.