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A free agent who has not played this season, Alfredsson is reportedly expected to sign a ceremonial one-day contract with the Senators and to skate with the team during warmups before Thursday night's home game against the New York Islanders.
Alfredsson, who turns 42 next week, spent last year with Detroit after playing his first 17 NHL seasons with Ottawa.
The Senators' captain for 13 seasons, he's the franchise's all-time leader in games played (1,178), points (1,108), goals (426) and assists (682). A sixth-round draft pick in 1994, he won the Calder Trophy in 1996 as the NHL's top rookie after scoring 26 goals, and went on to make six All-Star teams and crack the 40-goal mark twice.
Alfredsson helped Ottawa reach the 2007 Stanley Cup final, where the Senators lost in five games to Anaheim.
He won Olympic gold with his native Sweden in 2006, and added a silver medal this year.