"The KHL says they will met with NHL reps to figure out a solution," said Yahoo's Dmitry Chesnokov on Twitter. "But for now he cannot play in the KHL."
Chris Johnston of Sportsnet report that the KHL asked the NHL for permission to allow Visnovsky to play with Slovan, but as of that point the KHL hasn't recieved a response. The Islanders and the NHL will certainly not allow Visnovsky to play for Slovan, so the issue is whether the two parties on opposite sides of the ocean can come to some kind of agreement.
It's always been possible that Visnovsky could be part of some larger KHL plan to keep Datsyuk, Kovalchuk, Ovechkin or other big names in Europe but once those names all returned to North America it didn't seem likely the league would hold a hard line with Visnovsky. This thing is far from settled, but it appears the KHL is going to hold Visnovsky out and discuss the matter with the NHL.
Today, Visnovsky is being held out of Slovan's game in Prague against HC Lev Praha. Their next contest is scheduled for Friday in Chanty-Mansijsk, Russia against Jugra. That game takes place at 8AM ET.