The report said the Senators have offered Cowen a four-year contract worth $2.8 million per season.
Senators assistant general manager Tim Murray is quoted in the newspaper saying the team offered Cowen a fair proposal and the player's camp is asking for too much. Murray said the team offered an eight-year contract and the sides are discussing the four-year offer.
Murray acknowledged he "considers four years a bridge [contract]" and would like to meet with Cowen face to face Monday in Saskatoon if possible. He last spoke to Cowen on Tuesday.
"I guess we're at a stalemate," Murray said. "I think we really stepped up on our last proposal."
Cowen's agent, Rick Valette, told reporters Monday there was nothing new to report in contract negotiations and said unless something comes together quickly, his client wouldn't be participating in training camp.
Cowen, a 2009 first-round draft pick (No. 9), was limited to seven games in 2012-13 after undergoing hip surgery in November. He has six goals and 17 points in 90 NHL games spanning two seasons.