General manager David Poile released a statement Monday saying that "every indication" is that Radulov will rejoin the Predators in the "near future."
No specific timeline was provided.
"Though the complicated process has yet to be concluded, every indication is that Alexander will be returning to Nashville in the near future," said Poile.
The statement follows reports out of Russia that Radulov has struck a deal with KHL team Ufa Salavat Yulayev that will allow him to return to North America.
Radulov spent two seasons with the Predators before bolting to the newly formed KHL in 2008 even though he had one year remaining on his entry-level contract with Nashville.
The NHL has already ruled that Radulov can return to the Predators without being subjected to waivers.
Radulov is a two-time MVP in the KHL and represented Russia at the 2010 Olympics in Vancouver. He had 26 goals and 58 points for the Predators in 2007-08, his last season in the NHL.