According to TSN’s Bob McKenzie, the now 34-year-old Kovalchuk is eligible to come to terms with a new team and then the Devils could trade him but only after signing him first. Also McKenzie stated, Kovalchuk cannot come off the NHL’s Voluntary Retirement List unless he signs with New Jersey, so a sign and trade is quite possibly the only option.
Kovalchuk also cannot technically sign a deal until July 1. He also won't be exposed by New Jersey for the expansion draft. McKenzie notes that Kovalchuk likely doesn’t want to be a part of a long rebuilding process with the NJ Devils so a return to New Jersey may not be the most likely scenario.