The NHL informed its executives and owners during its board of governors meeting Monday that it is projecting it will raise next year's salary cap to $87.7 million, a source told ESPN, confirming multiple reports.

If those projections hold, it would be an increase of $4.2 million from the current NHL salary cap, which is $83.5 million. It would also be the largest single-year increase for an NHL salary cap since the 2019-20 season. That year saw the cap rise by $4.5 million.