The league's SKA club said on its website Monday that it would hold a news conference Tuesday to make the signing of official.
The 29-year-old Russian scored 37 goals and added 46 assists in 77 regular-season games last season. Kovalchuk added eight goals and 11 assists in the post-season when the Devils reached the Stanley Cup finals.
The National Hockey League locked out its players Sunday after failing to reach a new collective bargaining agreement with the players and the old one expired.
Swim Week Miami Beach 2014 [PHOTOS]