Don Fehr, executive director of the NHL Players’ Association (NHLPA), has confirmed how the body have formally rejected a deal which would have permitted Winter Olympic participation in return for an extension to their current collective bargaining agreement.

This was last negotiated during a strike that led to almost half of the 2012-2013 season being missed and is due to expire in 2022.

NHL officials were hoping to use the Pyeongchang carrot to force an extension until 2025.

But Fehr claims both the players and the NHLPA Executive Board showed no interest in the agreement.

He told The Canadian Press that he hoped they will, nonetheless, still be able to finalise an agreement over Olympic participation.

"We still think it’s [playing in 2018] important and we’ll go from there," Fehr said.

Top players from the world's leading league have appeared at every edition of the Games since their debut at Nagano 1998, but discussions have stalled in the last year after the IOC reduced the amount of financial support they were prepared to offer.

IIHF President René Fasel admitted to insidethegames in April that reaching a deal was "even more difficult" than before and claimed during the recent World Cup of Hockey that prospects remained "50-50".

Fasel estimates these costs will come to around $10 million (£7 million/€9 million) due to the long flights involved.

He claimed he will be able to raise the money himself through IIHF funds and by soliciting help within the sport and from other supporters.

NHL owners would have to shut down the season for at least two weeks in February 2018 if a green light is given.

Risk of injury and burnout are among other concerns.

But Bach, the figure with the overall responsibility for the IOC to no longer cover the costs, maintains that "all the rational arguments are speaking in favour of participation".

"It is in the interest of both [the IIHF and NHL] and also of the IOC to have the best players at the Olympic Games," the German told the Olympic Channel.

"The players want to play in the Olympic Games anyway so NHL would also make their players happy.

"The Games are about the best athletes of the world so we would also be very happy to welcome them."

The issue is expected to be discussed at an NHL Board of Governors meeting next week in Palm Beach in Florida.

A deadline of January has been given for a final decision.