The NHL and NHL Players' Association are not planning to meet this weekend but might correspond in some fashion, according to Sportsnet.
The two sides will reportedly use a cooling-off period after negotiations broke down on Thursday.
NHLPA executive director Donald Fehr thought that an agreement was reached over money but owners rejected the proposal and denied that the deal was close to being agreed on.
Commissioner Gary Bettman said the NHL put an additional $100 million -- for total of $300 million -- on the table along with other concessions and the players were unwilling to give.
The commissioner said the league had made concessions on five-year player contracts, a longer collective bargaining agreement and the "make whole" to help teams with long player contracts transition to the new collective bargaining agreement.
Bettman said when the union returned with a counter proposal rather than a decision on the league's offer, the NHL rejected the NHLPA proposal. He said the league has pulled many of its concessions made in the last few days off the table.
Fehr said the league balked at the union's proposal for an eight-year collective bargaining agreement with an opt-out after six years. The owners wanted a 10-year contract, with the ability to opt out after eight seasons.