(SI.com) -- According to a report in the New York Post, free agent sniper Ilya Kovalchuk will re-sign today with the New Jersey Devils. A source told the Post that the deal will be seven years for $60 million.

The Kovalchuk derby was down to two teams -- the Devils and New York Islanders -- after the Los Angeles Kings announced their offer had been rejected. The Islanders were reportedly offering $100 million over 10 years, but the source says the offer was not a formal bid.

Kovalchuk, 27, turned down Atlanta's offer of $100 million for 12 years prior to his being traded to New Jersey on February 4. The KHL has also reportedly shown interest, although the report in the Post suggests that the dollar figure is only $9 million for four years. Read the full story here.

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