"If we don't get it done in next week, it probably happens in the off-season," he said.
However, negotiations have gone well between the two parties and a new contract could be ironed out this week.
According to TSN hockey analyst and former NHLer Aaron Ward, the Wings are close to signing Howard to a six-year deal worth $5.3 million per season.
Howard told local reporters Thursday morning that he is "really close" to a six-year contract and a deal could be done "by end of the weekend." He later re-confirmed his comments when contacted by TFP.
Howard, 29, has posted a 16-12-4 record in 33 games so far this season with the Wings, along with a 2.41 goals-against-average and a .917 save percentage.
The All-Star and former Vezina candidate was originally drafted by the Wings in the second-round (64th overall) of the 2003 NHL Entry Draft.