Although his contract was going to expire on April 30, his KHL club, the Traktor Chelyabinsk, just missed the playoffs, therefore ending his 2013-14 KHL season. He was reported to be earning a $3.8 million salary with the club, but probably believes that the time is right to make the jump across the Atlantic. The Washington Capitals, who own his rights, drafted him 26th overall in 2010 and are now pushing for a spot in the playoffs. The addition of a great scorer should increase their chances of getting in because it gives their offence more options when attacking.
Since getting drafted in 2010, Kuznetsov has gone from a solid prospect to a highly-touted rookie. He led Russia to a gold and silver in the 2011 and 2012 World Junior Championships, respectively, and became the highest scoring Russian in World Juniors history (second highest scorer out of any country). He was also a member of the 2012 World Championship Russian team that won Gold and has put up great numbers in four seasons in the KHL.
Kuznetsov will likely sign a two-year entry level deal with the Capitals, with a mazimum salary of $900,000, due to restrictions of the collective bargaining agreement.
I suggest picking him up on your fantasy team if this becomes official.