The NHL and union representing its players brought in US federal mediators to assist in negotiations this week because of the lack of progress since the lockout started in mid-September.
"After spending several hours with both sides over two days, the presiding mediators concluded that the parties remained far apart, and that no progress toward a resolution could be made through further mediation at this point in time," NHL Deputy Commissioner Bill Daly said.
"We are disappointed that the mediation process was not successful."
The lockout, which the NHL has said is costing it $18-$20 million a day, has already resulted in the cancellation of 34 per cent of the regular season, the showcase outdoor Winter Classic on New Year's Day and January's All-Star Weekend.
The mediators were brought in with hopes of helping both sides reach an agreement over how to split $3.3 billion in hockey related revenue.
While both sides have agreed in principle to a 50-50 split of hockey related revenue, they remain at odds over how they will reach the target.
Owners are demanding an immediate reduction from the 57 per cent players received under the previous agreement while the union would like to see the cuts brought in gradually.