The 21-year-old restricted free agent forward played the final season of his three-year, entry-level contract last season.
"It's coming together," Larkin told the website. "Maybe something pretty soon. It goes back and forth. I've learned the business part of it. Between free agency and the draft and everything, it's tough to get time to talk for my agent and [general manager Ken Holland]. That's part of summer and part of how it goes."
Larkin led the Red Wings with 63 points (16 goals, 47 assists) and 232 shots on goal last season, his NHL career high in each category.
Selected by Detroit with the No. 15 pick of the 2014 NHL Draft, Larkin has 140 points (56 goals, 84 assists) in 242 games. He played 82 games last season and has missed four games in his three seasons. Larkin has one goal in five Stanley Cup Playoff games.
