According to several reports, including most reputably the FAN 590 in Toronto (via Twitter), the Ottawa Senators have signed free agent winger Alex Kovalev to a contract, with some sources indicating it's a two-year deal. Here's the FAN tweet:
The FAN has learned that the Ottawa Senators have signed Alexei Kovalev. Stay tuned to The FAN for more details on this story.
Unconfirmed reports at the moment, but stay tuned for more information. If this turns out to be true, if will likely be the Senators' biggest free agent signing in years.
EDIT: Although I haven't seen financial terms yet, the deal is done, as reported by TSN and the Sens' official website: Two year deal. I can't imagine this sits very well with Habs fans.
EDIT AGAIN: Looks like it's a deal worth $10M, meaning a cap hit of $5M per year, and also meaning that the Sens have next to nothing in cap room available. So it makes trading Dany Heatley more pressing, and also makes it equally pressing to take little to nothing back in terms of salary.