"We're still working on it," Bouillon's agent, Don Meehan, told TVA Sports on Tuesday.
Bouillon, 38, played in 52 games with the Canadiens last season, registering two goals, four assists and 34 penalty minutes.
He earned $1.5 million with the Habs last season, but will likely see his salary decrease on a new deal, should he re-sign with Montreal.
In 776 career NHL regular-season games with the Canadiens and Nashville Predators, Bouillon has accumulated 32 goals and 117 assists for 149 points, along with 536 penalty minutes.
He originally jumped into the NHL after signing with the Canadiens on June 28, 1998.