The 35-year-old forward is entering the final season of a 13-year contract he signed in 2008 and can become an unrestricted free agent after this season. The Washington captain and general manager Brian MacLellan had an initial discussion about an extension in August after the Capitals were eliminated from the Stanley Cup Playoffs and agreed to wait to resume talks until Ovechkin returns for training camp.
Ovechkin said in an interview with Russian Television International last month that he wants to play his entire NHL career with Washington. He also mentioned wanting to play for Dynamo Moscow of the Kontinental Hockey League before he retires but said he could play, "two, three, four years, maybe five" more seasons with the Capitals.
Though no deal is certain until it's done, it appears likely Ovechkin eventually will re-sign with Washington after taking the necessary time to negotiate the terms.