After a round of small-group meetings Wednesday morning — held mainly to discuss pension issues — the union returned to league offices shortly before 3 p.m. ET to deliver its latest proposal. It was the fourth proposal made between the two sides in the past six days.

The meeting, which included several players, lasted approximately one hour.

The two sides expect to reconvene Wednesday evening, NHLPA executive director Donald Fehr said. According to a source, the next meeting is set tentatively for 8 p.m. ET.

Fehr declined to comment on whether the NHLPA will file a disclaimer of interest, which would dissolve the union, although the executive board will hold a conference call on the matter at some point Wednesday night.

The players have until midnight Wednesday to decide whether to dissolve the NHLPA, thereby nullifying its right to collectively bargain as a union.

With little details emerging from the information exchange between the sides, the NHLPA’s decision will provide the best glimpse at where negotiations stand.

A vote to disclaim interest would have a significant impact on negotiations — possibly derailing them altogether — and would be a sign the two sides are not as close as many had hoped.

Should it let the deadline pass, it is possible the union believes it can reach a deal.

The league already has canceled all games through Jan. 14, and the deadline to salvage the season is looming. NHL commissioner Gary Bettman said a deal would need to be reached by Jan. 11 in order for a 48-game season to be possible.

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After a series of conference calls on Friday to go over the league’s latest proposal — submitted to the union on Thursday evening — staff members from both the NHL and NHLPA met face-to-face at NHL offices in Manhattan on Sunday. The two sides met for approximately three hours before the union met internally to determine whether to reconvene.

The union’s decision to wait to meet until Monday could be an indication that it will come back to the league with a counter-proposal of its own.

Should the NHLPA counter with its own offer, it is possible the union will take issue with the proposed $60 million salary to take effect for the 2013-14 season, a steep decrease from the $70.2 million cap for the 2012-13 season (pro-rated). It is believed that players are concerned with escrow rates as well.

Sunday’s face-to-face meeting was the first time the two sides have been in the same room since a failed second attempt at federal mediation over two weeks ago.

The window to salvage the season is narrowing each day that goes by without a new agreement in place.

In the NHL’s latest proposal, which featured concessions on term limits, salary variance and amnesty buyouts, the league provided the union with some key dates to save the 2012-13 season.

The league indicated that a deal would have to be in place by Jan. 11, to provide teams with a one-week training camp before what would be slated as the season opener on Jan. 19.

There is another deadline looming for the union as well. The NHLPA has until Wednesday to file a disclaimer of interest, which would essentially dissolve the union. The union membership voted last week — a vote that passed overwhelmingly — to authorize the executive board the power to decide.

The league has already canceled all games through Jan. 14, including the annual Winter Classic, which was originally scheduled to take place Monday in Ann Arbor, Michigan.

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