The Arizona Coyotes are making strides in building a potential arena in the downtown Phoenix, AZ area. The Coyotes are about to close a deal that will kickstart the process, per TSN Hockey insider Darren Dreger.

“Not sure commissioner Bettman or the Arizona Coyotes will expand on this today. As I mentioned last night on @TSNHockey, the Coyotes are finalizing the purchase of a piece of land in Phoenix for an arena build. They're hoping to announce project plans next month,” Dreger tweeted on Tuesday.

Coyotes president and CEO Xavier Gutierrez said the team will divulge the site of its new arena at the end of December. Arizona is eyeing a site in northeast Phoenix, per GOPHNX.com's Craig Morgan.

Gutierrez preferred the Coyotes build their new arena in eastern Phoenix, AZ. That's where most of their season ticket holders and sponsors reside.

Restaurants, hotels, a practice rink, and residences will flank Arizona's new arena. The concept is similar to an earlier proposed stadium in the Tempe, AZ area. Unfortunately, voters disapproved the latter idea.

News of the Coyotes' new arena coincides with their recent hot streak. Arizona recently beat the five recent Stanley Cup winners: the Vegas Golden Knights, Tampa Bay Lightning, Colorado Avalanche, St. Louis Blues, and Washington Capitals.

In doing so, Arizona became the first NHL team to pull it off. Not only that, but their 6-0 shutout of the Capitals on Monday marked the first time they scored five goals in a period since 1986. Their 13-9-2 record currently ranks them fourth in the Central Division. If they make some key midseason trades, they will solidify their NHL Stanley Cup Playoff aspirations.

Things are definitely looking up for the Coyotes and their loyal fan base this season.