Negotiators for both sides planned to meet at the NHL Players Association's office in Toronto.
The resumption of talks will come 48 hours after the league made a proposal that calls for a 50-50 split of hockey-related revenue and the playing of a full 82-game regular-season schedule that would begin on Nov. 2.
Details of the proposal were made public Wednesday. It would be a six-year deal with an option for a seventh if both sides agree.
The proposed contract would make entry-level contracts two years in length with the maximum length for all other contracts being five years. A player would be eligible for free agency if he is 28 years old or has been in the NHL for eight seasons.
The salary cap for the 2012-13 season could go as high as $70.2 million.
"We believe this was a fair offer for a long-term deal and it's one that we hope gets a positive reaction so that we can drop the puck on Nov. 2," NHL Commissioner Gary Bettman said.
"We have about nine or 10 days to put this all to bed, signed, sealed and delivered in order for this offer to be effective and for us to move forward."
The players have been locked out since Sept. 16, when the previous collective bargaining agreement expired.