The winner of the most anticipated lottery since 2005 will be revealed before Game 2 between the New York Rangers and Pittsburgh Penguins.
Thanks to changes to the odds, the league's last-place team, the Buffalo Sabres, have just a 20 per cent chance of picking first overall and getting the chance to draft McDavid.
Buffalo is guaranteed one of the first two picks, which means it will have McDavid or American star Jack Eichel.
The Arizona Coyotes have a 13.5 per cent chance, Edmonton Oilers 11.5 per cent and Toronto Maple Leafs 9.5 per cent chance.
Any of the 14 teams that didn't make the playoffs can win the lottery, which is determined by a series of balls that make up a four-digit number.
The four-digit number combinations — 200 to the Sabres, 135 to the Coyotes and so on — will be posted on the league's website Friday, and video of the drawing will be available after it is conducted.
Beginning next season, the first three draft picks will be subject to the lottery, with the same odds as this year.