Selanne, 44, can make $5 million to play only home games for the Helsinki-based team or $10 million for the season, according to Finnish news outlet USanomat.
Selanne retired from the NHL with the Anaheim Ducks last season.
Jokerit joins the KHL in 2014-15 after departing Finland's top pro division. The KHL, or Kontinental Hockey League, consists of 28 Eastern European team, with all but six based in Russia.
Selanne likely would be signed under a salary cap exemption the league affords to attract high-profile players. Selanne, who still showed some ability in Sochi at the 2014 Winter Olympics, is a celebrity in his home country and European hockey.
Selanne said recently he is considering the offer.